Ashneer Grover writes to RBI seeking probe into BharatPe’s shareholding, licence applications

Ashneer Grover, former managing director of BharatPe, has raised serious concerns over the fintech company's shareholding practices, prompting him to write to the Reserve Bank of India (RBI) seeking an investigation. In his letter to RBI governor Shaktikanta Das, Grover accused BharatPe of fraudulent behavior by reintroducing Bhavik Koladiya, previously convicted of wire fraud in the US, into the company's shareholder roster post-licensure acquisitions.

Highlighting BharatPe's potential manipulation of shareholding structures to secure licenses, Grover called for scrutiny into the actions of the company's board and investors. He particularly emphasized the transfer of shares by co-founder Shashvat Nakrani to Koladiya, alleging a deliberate attempt to circumvent regulatory scrutiny.

Grover demanded severe penalties if BharatPe is found guilty, including revocation of licenses, board bans, and monetary fines. These allegations cast a shadow over BharatPe's operations, as the company navigates its significant fundraising endeavors and regulatory approvals.

Moreover, Grover's parallel efforts to address legal issues underscore the intensifying challenges faced by the company's leadership. As the situation unfolds, BharatPe's future trajectory and regulatory compliance will be closely monitored by industry stakeholders.