Ashneer Grover resigns from BharatPE, says 'I was forced out' as fraud investigation continues

The shark really seems to be tanking! Ashneer Grover just a month after going on a 'leave of absence' has resigned from BharatPe effective immediately. The founder however remains to be the largest shareholder in the fintech even as he gives up his executive posts just a few days after his wife's services were terminated.

Also read & watch| Read the email Ashneer Grover sent as he resigned - scathing attack on management & investors

“I write this with a heavy heart as today I am being forced to bid adieu to a company of which I am a founder. Since the beginning of 2022, unfortunately, I’ve been embroiled in baseless and targeted attacks on me and my family by a few individuals who are ready not only to harm me and my reputation but also harm the reputation of the company, which ostensibly they are trying to protect", wrote the Shark Tank celebrity to the board as he moved out of his executive role.

The resignation comes as Grover faced a body-blow from an arbitration ruling he had filed against the company's investigation against him, with an emergency arbitrator holding that there was no ground to stop governance review at the fintech firm.

A preliminary investigation by Alvarez and Marsal (A&M) commissioned by BharatPe’s board found fraudulent transactions and allegations were rising against Grover and his wife as per reports.

Amid this furore, Grover claimed in public that he is willing to part ways completely with BharatPe if the board agrees to buy back his 9.5% stake for a sum of Rs 4000 cr, at a valuation of $6 bn even as he is embroiled in public and legal battle with other founders and the board.