New Delhi: Ashneer Grover, former MD of payment app BharatPe, and his wife, Madhuri Jain Grover, have moved the Delhi High Court seeking the quashing of the Look Out Circular (LOC) issued against them. The LOC is related to an ongoing investigation into a cheating and forgery case.
Date: The matter came up for hearing before Justice Subramonium Prasad, who listed it for May 8, stating that the investigation by the Delhi Police’s Economic Offences Wing (EOW) is at a nascent stage. The court remarked, “It is too hot in the day for this court to intervene now. Come after some time. The investigation is at a nascent stage, and they will take some time to investigate.”
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Interim Relief: As an interim relief measure, Ashneer Grover and his wife have sought the suspension of the LOC with a further direction to authorities not to interfere with or prevent their right to travel abroad.
Travel Permission: The court asked the concerned authorities to consider the couple’s application for permission to travel abroad for two days.
Pending Plea: The court noted that the Grovers’ plea seeking the quashing of the FIR lodged by the EOW is also pending in the high court.
Legal Representation: The counsel representing the Grover couple argued that they have cooperated with the investigation, and there are multiple proceedings against them.
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Reasons for Quashing LOC: The Grovers seek the quashing of the LOC, contending that it was unwarranted as they were regularly appearing before the investigating officer and cooperating in the investigation. They were informed for the first time about the LOC when detained at the Indira Gandhi International Airport on November 16, 2023, while scheduled to travel to the US.
Background: In May last year, the EOW filed an FIR against Grover, his wife Madhuri, and others under eight sections of the Indian Penal Code, including 406 (criminal breach of trust), 420 (cheating and dishonesty), 467 and 468 (forgery), and 471 (using forged documents as genuine). The complaint, filed by fintech unicorn BharatPe, alleged damages of about ₹81.3 crore through illegitimate payments, inflated payments through vendors connected to the accused, sham transactions, illegal payments to travel agencies, and forged invoices. Madhuri, the former head of controls at BharatPe, was fired in 2022 after a forensic audit revealed irregularities. Subsequently, Grover resigned as CEO in March 2022.