Since February 2022, Grover and BharatPe had been in conflict. Following his resignation in March 2022, Grover continued to make serious accusations against BharatPe’s stakeholders, including co-founders, the board, and investors, alleging that his removal was part of a conspiracy. In December 2022, BharatPe filed a criminal complaint against Grover and his family, accusing them of fraud and claiming damages of over Rs 88.67 crore. Additionally, co-founders Bhavik Koladiya and Shahvat Nakrani raised concerns about a share dispute with Grover, with Koladiya lodging a complaint in January and Nakrani in March 2023. Moreover, BharatPe requested SICA (Singapore International Arbitration) to transfer Grover’s restricted shares to co-founder Shashvat Nakrani for a sum of Rs 33.02 lakh.
Nearly five months after BharatPe lodged a criminal complaint, the Delhi Police Economic Offences Wing (EOW) registered a first information report (FIR) against Grover, his wife Madhuri Jain, and other relatives. Just last week, the EOW of the Delhi Police apprehended Deepak Gupta, a family member of Grover, in relation to the mishandling of the company’s finances.