Ashneer Grover writes to RBI seeking probe into BharatPe: ‘If found guilty…’

Cofounder and former managing director of BharatPe Ashneer Grover has written to the Reserve Bank of India (RBI) asking the regulator to initiate an investigation into the shareholding of the company. In a letter dated March 6 addressed to RBI governor Shaktikanta Das, Ashneer Grover said that BharatPe has deliberately “defrauded” the central bank by bringing back Bhavik Koladiya to the company.

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What Ashneer Grover said in the letter about Bhavik Koladiya?

Bhavik Koladiya was convicted of a wire fraud in the US. He also sought investigation to ascertain whether the company’s board and investors had “warehoused” Bhavik Koladiya’s shares for a specific period of time only to bring him back after the required approvals were received from the RBI.

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Questioning if Bhavik Koladiya was part of BharatPe’s cap table during the time of the licence application, Ashneer Grover asked if the regulator would have deemed BharatPe fit for a 49% stake in Unity Small Finance Bank or even allowed it to acquire a controlling stake in Liquiloans.

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Ashneer Grover also said that in 2022-23, the other cofounder Shashvat Nakrani, had transferred shares to Bhavik Koladiya. These shares amounted to about ₹600 crore.

What Ashneer Grover demanded from the RBI?

If found guilty, Ashneer Grover demanded, the company's licences be revoked and its entire board of directors banned from holding any directorship or management position in RBI regulated entities and venture firms associated with the fintech company should be blacklisted.

Ashneer Grover resigned from the company in March 2022.