 "Court asks Ashneer Grover, wife to give Rs 80 cr security to travel to US")
The Delhi High Court has issued directives to Ashneer Grover, co-founder of BharatPe, and his wife, Madhuri Jain Grover, former HR director at the payments firm, mandating them to furnish a security amounting to Rs 80 crore before their intended travel to the United States (US).
In its ruling on Friday (May 24), the court said that the security must be provided in the form of a property. Additionally, the court instructed the couple to submit their Emirates Card with the court, preventing any visits to the United Arab Emirates (UAE) due to their status as ‘golden visa’ holders. Golden visa is a 10-year residence permit granting foreign nationals the privilege to reside, work, or study in the UAE.
Despite facing allegations of fraud, the court granted permission to the Grovers to travel separately to the US for their children’s summer school. Earlier, on May 22, the court had tasked the Economic Offences Wing (EOW) with outlining the conditions of their travel.
Furthermore, the court mandated that the couple furnish details of their itinerary, including stay arrangements, hotel bookings, travel plans, and contact numbers, both to the court and the investigating agencies. They were also directed not to transfer any shares of BharatPe, which they hold, to third parties.
Justice Subramonium Prasad outlined that while one of the parties travels, the other would remain in India as a ‘mortgage’. Grover is scheduled to depart for the US on May 26 and return on June 14, while Jain will undertake her journey on June 15 and return on July 1.
The Economic Offences Wing (EOW) had opposed the travel request, citing concerns that the couple owned properties abroad and posed a flight risk. It said that the investigation, particularly regarding Jain’s alleged lack of cooperation, was at a critical juncture, with certain suspicious transactions coming to light.
As a Look Out Circular (LOC) has been issued against them at the request of the EOW, Grover and Jain are prohibited from leaving the country without prior court approval. The couple stands accused of committing a fraud amounting to Rs 81 crore at the fintech firm.