Delhi: In a significant breakthrough, the Economic Offences Wing (EOW) of the Delhi Police arrested Amit Kumar Bansal on August 6th in connection with a major fraud case involving BharatPe, a leading fintech company in India. Bansal’s arrest came after a thorough investigation revealed that payments amounting to Rs 72 crore had been funneled to several non-existing firms.
According to sources, the payments were made by BharatPe between 2019 and 2021, with Bansal being one of the key members linked to the fictitious vendors. The EOW, in its remand application, disclosed that it had identified 33 such non-existent vendors during its inquiry. The probe further uncovered that Bansal, along with his brother, was intricately associated with these fraudulent firms, exploiting their connections for financial gain.
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The roots of the investigation trace back to an FIR filed by the EOW in May 2023 against BharatPe’s co-founder, Ashneer Grover, his wife Madhuri Jain, and their family members, Deepak Gupta, Suresh Jain, and Shwetank Jain. The FIR accused them of causing substantial financial losses to BharatPe, amounting to Rs 81.3 crore. The charges ranged from making illegitimate payments to bogus human-resource consultants to orchestrating sham transactions to inflate input-tax credits. Other allegations included illegal payments to travel agencies and the destruction of crucial evidence.
This case has thrown the spotlight on the vulnerabilities within fintech companies, especially regarding the oversight of financial transactions and vendor management. The Delhi Police’s EOW is expected to continue its investigation, with further arrests possible as more information comes to light. Despite the gravity of the situation, EOW officials have remained tight-lipped, declining to comment on any ongoing developments or respond to queries regarding the case.
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