The Delhi High Court has instructed BharatPe co-founder Ashneer Grover and his wife, Madhuri Jain Grover, to provide security of Rs 80 crore before traveling to the United States.
Grover is scheduled to leave for the US on May 26 and return to India on June 14, while Jain will travel on June 15 and return on July 1.
According to a report by Moneycontrol, on May 24, the court specified that this security should be in the form of a property.
Additionally, the court ordered the couple to surrender their Emirates Cards, which are issued to holders of the UAE’s “golden visa,” to prevent them from traveling to the United Arab Emirates.
The golden visa is a 10-year residence permit that allows foreign nationals to live, work, or study in the UAE.
On May 22, while granting permission for the Grovers, who are accused of fraud, to travel separately to the US for their children’s summer school, the court asked the Economic Offences Wing to establish the conditions for their travel.
The couple has also been instructed to provide comprehensive details of their stay, including hotel information, travel plans, and phone numbers, to both the court and the investigating agencies.
Grover and Jain have also been instructed not to create any third-party rights on the shares of BharatPe that they hold.
Justice Subramonium Prasad stated that one of them must remain in India as a “mortgage” while the other travels.
The Economic Offences Wing (EOW) objected to their travel, arguing that the couple owns properties abroad and poses a flight risk.
The EOW noted that the investigation against them is at an advanced and crucial stage and that Jain, in particular, has not been cooperating. The EOW has identified suspicious transactions amounting to crores.
Grover and Jain cannot leave the country without court permission due to a Look Out Circular (LOC) issued at the request of the EOW. They are accused of committing an Rs 81-crore fraud at the fintech firm.
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