One of the largest aggregators of transactions BhartaPe comes into the limelight for the wrong reasons. The Head of Controls Madhuri Jain Grover has come under the scanner for swindling the company of close to Rs 55 crores and incurring losses to the company of Rs 10 crores.
According to MoneyControl, BharatPe’s lawyers wanted to clear the air with her as soon as they got hold of this information. She denies any such episode and says people are using her as the ‘object’.
Apparently, Madhuri had scooped out the company’s funds stating she was paying a recruitment agency to hire consultants for BhatratPe, which never existed confirms the risk management firm Alvarez and Marsal.
There were a lot of discrepancies in their transactions when dealing with vendors and hence the report revealed the math not being correct. In several instances, it was Madhuri who had received the invoices herself for payments and sent them for approval by the accounts team.
Moving on, these false invoices were made by Shwetank Jain who is Madhuri’s sibling, and took the payments as recruitment spends. The payments sent to vendors never had any website or an online presence.
According to the Directorate General of GST Intelligence (DGGI) had carried out a thorough scan at BharatPe’s head office on 21st October 2021. When the DGGI questioned Madhuri’s Brother-in-law Deepak Gupta, about the remittances to the vendors, He said that the vendors never existed.
The report further said that total expenditure of Rs 53.25 crore was made towards these 30 vendors that did not exist and the company incurred a loss of Rs 10.97 crore in these dealings.