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Delhi High Court Orders Rs 80 Crore Security for Ashneer Grover and Wife's US travel

The Delhi High Court instructs BharatPe co-founder Ashneer Grover and his wife to furnish a Rs 80 crore security deposit in property before traveling to the US, amidst allegations of fraud 

25-05-2024
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Grover, to furnish a security deposit of Rs 80 crore in the form of property before traveling to the United States. Additionally, they are required to surrender their Emirates Card to prevent any potential travel to the United Arab Emirates (UAE) due to possessing a 'golden visa' granting a 10-year residence permit in the UAE.

Despite facing fraud allegations, the court has permitted the couple to travel separately to the US for their children's summer school. The Economic Offences Wing will determine the terms of their travel, and they must provide detailed travel plans to the court and investigating authorities.

The couple is prohibited from transferring BharatPe shares, and one spouse must remain in India while the other travels. Ashneer Grover plans to depart for the US on May 26 and return on June 14, while Madhuri Jain intends to travel on June 15 and return on July 1.

Economic Offences Wing's opposition to their travel request cited flight risk, overseas properties, and lack of cooperation in the ongoing investigation.

A Look Out Circular has been issued, requiring court authorization for them to leave the country. The allegations against Grover and Jain involve an alleged Rs 81 crore fraud at BharatPe.

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