Delhi HC directs Ashneer Grover and wife to provide security deposit of Rs 80 crore before US trip, asks them to surrender Emirates Card

In a recent development, the Delhi High Court has issued a directive to BharatPe co-founder Ashneer Grover and his wife, Madhuri Jain Grover, a former HR director at the payments firm, to provide a security deposit of Rs 80 crore before embarking on their journey to the United States.

On May 24, the court outlined that the security should be in the form of a property. Additionally, the couple has been instructed to surrender their Emirates Card to the court to prevent any potential travel to the United Arab Emirates (UAE) due to their possession of a "golden visa," a 10-year residence permit granted to foreign nationals in the UAE.

Despite facing fraud allegations, the court has permitted the Grovers to travel separately to the US for their children's summer school. The Economic Offences Wing has been tasked with determining the terms and conditions of their travel, and the couple must provide detailed information regarding their itinerary, accommodations, and contact details to both the court and investigating authorities.

Furthermore, Ashneer Grover and Madhuri Jain are prohibited from transferring any shares of BharatPe to third parties. Justice Subramonium Prasad has also asked that one of the spouses must remain in India as a "mortgage" while the other travels abroad.

Ashneer Grover is scheduled to depart for the US on May 26, returning on June 14, while Madhuri Jain plans to travel on June 15 and return on July 1. The Economic Offences Wing had opposed their travel request, citing concerns about potential flight risk, overseas properties, and lack of cooperation in the ongoing investigation, which reportedly involves suspicious transactions amounting to crores of rupees.

Given the circumstances, a Look Out Circular (LOC) has been issued against the couple, making it mandatory for them to seek court authorisation before leaving the country. The accusations against Grover and Jain involve an alleged fraud of Rs 81 crore at the fintech firm BharatPe.