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BharatPe has sacked Madhuri Jain Grover, wife of the fintech firm's co-founder and managing director Ashneer Grover, over alleged financial irregularities and cancelled ESOPs vested with her.
Madhuri is alleged to have used company funds for personal beauty treatments, buying electronic items and family trips to the US and Dubai, sources with direct knowledge of the matter said.
Besides, she also allegedly paid her personal staff out of company accounts and produced fake invoices from known/friendly parties, they added.
While an email sent to Madhuri for comments remained unanswered, a company spokesperson confirmed the termination.
"As per your query, we can confirm that services of Madhuri Jain Grover have been terminated in accordance with the terms of her employment agreement," the spokesperson said.
The spokesperson did not give reasons for the termination.
Sources, however, said action follows an external audit commissioned by BharatPe board to look into the conduct of Grovers.
Stock options vested with Madhuri have also been cancelled, they said adding the alleged financial irregularities have been detailed in the termination letter.
Her husband was sent on a three-month leave following allegations of using abusive language against Kotak Mahindra Bank staff and fraudulent practices.
He has denied all allegations.
Image used for representation purpose only.
Photograph: Courtesy BharatPe