On Friday, September 20, 2024, the Delhi Police’s Economic Offences Wing (EOW) arrested Deepak Gupta. He is the brother-in-law of Ashneer Grover, the co-founder of BharatPe. Gupta was taken into custody in connection with an ongoing investigation into the alleged misappropriation of funds at the fintech company.
The case against Gupta is part of a larger investigation that includes Ashneer Grover and his wife, Madhuri Jain. An FIR was filed against them in May 2023. The complaint alleges a fraud amounting to Rs 81 crores. This case has attracted significant attention due to Grover’s high-profile status in the financial technology industry.
Deepak Gupta was produced in court shortly after his arrest. The court has remanded him to police custody for five days. This allows the police to question him further about the alleged offenses. Officials have stated that Gupta’s arrest is a critical step in the investigation.
The FIR against the Grover family includes serious allegations. The police claim that Gupta and the others misused their positions to siphon funds from BharatPe. This misappropriation reportedly occurred over several months. The amount involved has raised concerns among investors and the public. BharatPe, known for its digital payment solutions, has been under scrutiny since the allegations surfaced.
In addition to Gupta, the FIR mentions Grover and his wife. Both have previously denied any wrongdoing. They maintain that they have acted within the law and that the allegations are baseless. Despite their claims, the police have proceeded with the investigation. The involvement of a family member in such a high-profile case adds complexity to the situation.
BharatPe, co-founded by Grover in 2018, has grown rapidly in the fintech sector. The company offers various financial services, including payment solutions for merchants. However, these allegations have put a shadow over its reputation. Investors and stakeholders are watching the developments closely.
The EOW has been actively pursuing cases of financial fraud in recent years. They aim to crack down on economic offenses that harm the public and the economy. The arrest of Gupta is part of their broader strategy to hold individuals accountable for such crimes.
As the investigation unfolds, the police are expected to gather more evidence. They may also question other individuals connected to the case. This could include employees of BharatPe and financial experts who can provide insight into the alleged misappropriation of funds.
The legal proceedings against Gupta and others will likely continue for some time. It remains to be seen how this case will affect BharatPe’s operations. The company may face challenges as it works to restore trust among its users and investors.
