Delhi HC returns Rs 80 crore security deposit to BharatPe co-founder Ashneer Grover

The Delhi High Court has allowed BharatPe co-founder Ashneer Grover and his wife, Madhuri Jain Grover, to get back their security deposits after they returned to India from the US. The order was passed by Justice Sanjeev Narula after the couple’s lawyer, Giriraj Subramanium, confirmed their return. Madhuri Jain, who was also the former HR director at the fintech firm was present in the courtroom.

In May, the court asked Grover and Jain to deposit Rs 80 crore as security before travelling to the US.They had to provide this security through a property and hand over their Emirates Cards to the court to prevent them from travelling to the UAE, where they have "golden visas."
The couple also had to give the court and investigators all the details about their stay, hotel, travel plans, and phone numbers. They are accused of committing Rs 81-crore fraud at BharatPe.
The court allowed the Grover couple to travel separately to the US for their children's summer school. The court asked the Economic Offences Wing (EOW) to set the travel conditions. Justice Subramonium Prasad said that one of them had to stay in India as a "mortgage" while the other travelled.
The EOW objected to their travel, saying the couple owned properties abroad and were a flight risk. The investigation against them was in an advanced and crucial stage, and EOW said that Jain was not cooperating. They also found suspicious transactions worth crores.
Grover and Jain cannot leave India without court permission because a Look Out Circular (LOC) was issued against them at the EOW's request.

In April, Ashneer Grover launched a new fintech app called ZeroPe. It offers medical loans up to Rs 5 lakhs through partnered hospitals. ZeroPe is a product by Grover's new company Third Unicorn, which also created the fantasy gaming platform CrickPe in 2023. The app’s Google Play listing notes that it is still in testing.