Ashneer Grover, the co-founder of fintech firm BharatPe, has leveled serious accusations against Rajnish Kumar, the former chairman of the State Bank of India (SBI), on Friday. Grover charged Kumar with causing significant financial harm to both SBI and BharatPe, and predicted potential billion-dollar losses for educational technology company Byju's if Kumar's influence persisted.
Grover highlighted a stark turnaround in SBI's stock performance following Kumar's departure, noting a 200% rebound. This surge contrasted sharply with a period of decline that Grover associated with Kumar's leadership, which he had previously expressed regret for hiring. During Kumar's tenure as board chairman at BharatPe in October 2021, the company reportedly faced a $3 billion write-off, severely affecting its valuation.
The allegations against Grover himself include financial misconduct involving siphoning off funds from BharatPe to sham companies connected to his family. The Economic Offences Wing (EOW) probe into these accusations revealed payments exceeding ₹53 crore (INR10 crore = approx. USD1.2 million) to these companies, which purportedly used backdated invoices and neglected GST filing requirements. Despite these controversies, Grover maintained a defiant stance, asserting that he would be the "last man standing."
This public dispute follows an earlier fiery exchange with Deepak Shenoy, founder and CEO of CapitalMind, amid allegations of financial impropriety at BharatPe. The conflict escalated to the point where an FIR was filed against Grover and his family by BharatPe.
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