Ashneer Grover, co-founder of BharatPe, and his wife Madhuri Jain Grover, former HR director at the payments firm, have had their deposited securities released by the Delhi High Court on July 8, following their return from a trip to the United States.
Back in May, the court ordered Ashneer Grover and Madhuri Jain to deposit a security amount of INR 80 crore as a condition for allowing them to travel to the United States.
Upon being informed of Ashneer Grover and Madhuri Jain Grover’s return by their lawyer, Giriraj Subramanium, Justice Sanjiv Narula granted the order, with Madhuri Jain Grover appearing in person in the courtroom.
On May 24, the court directed Ashneer Grover and Madhuri Jain to furnish the security by pledging a property. Additionally, the court ordered them to surrender their Emirates Card, which grants them access to the UAE as golden visa holders, to prevent them from traveling to the UAE.
The court also directed Ashneer Grover and Madhuri Jain to provide detailed information about their stay, including hotel bookings, travel itineraries, and phone numbers, to both the court and investigative agencies.
On May 22, the court granted permission to Ashneer Grover and Madhuri Jain, accused of fraud, to travel to the US for their children’s summer school, subject to the Economic Offences Wing’s forthcoming specifications regarding their travel arrangements.
Justice Subramonium Prasad ruled that one of the parties would remain in India as a guarantee, effectively acting as a “mortgage”, while the other is permitted to travel.
The Economic Offences Wing (EOW) had opposed the couple’s travel request, citing their ownership of foreign properties and the risk of them fleeing the country. The investigation was at a critical stage, and the couple, particularly Madhuri Jain, was not cooperating. The EOW had also discovered suspicious transactions worth crores, further reinforcing their concerns.
The court’s permission is mandatory for Ashneer Grover and Madhuri Jain to travel abroad, as a Look Out Circular (LOC) has been issued against them by the Economic Offences Wing (EOW) in connection with an alleged Rs 81 crore fraud at a fintech company.
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