New Delhi, Feb 1 (IANS): BharatPe’s former MD Ashneer Grover and his wife, Madhuri Jain Grover, approached the Delhi High Court on Thursday to challenge the look-out circulars (LOC) issued against them following an FIR by the Economic Offences Wing (EOW) of Delhi Police.

In its suit, running into 2,800 pages, BharatPe has claimed damages worth Rs 88.67 crore from Grover, his wife, and his brother for alleged cheating and misappropriation of funds.

BharatPe had approached the high court months after Grover and his wife were dismissed from the company over allegations of misappropriation of funds.

The damages sought include a claim for payment made against the invoices of non-existent vendors amounting to Rs 71.7 crore, a claim for Rs 1.66 crore penalty paid to GST authorities, payments totalling Rs 7.6 crore made to vendors purportedly providing recruitment services, payments of Rs 1.85 crore made to a furnishings company, payments for personal expenditures up to Rs 59.7 lakh and payment of Rs 5 crore damages for loss of reputation to the company caused by tweets and other statements made by them.

Justice Subramonium Prasad on Thursday refrained from intervening at this stage, adjourning the proceedings.

The court noted that the investigation is in its early stages, and the couple's plea to quash the FIR is awaiting adjudication.

The court said: "It is too hot in the day for this court to intervene. I am adjourning it. They will take some time to investigate. The investigation is at a nascent stage. Your Section 482 (of CrPC) petition is pending."

Despite the counsel's assertion of full cooperation in the investigation, the court cited the need for balance when exercising writ jurisdiction in matters involving LOC.

The court mentioned: "Today, to say that the LOC is completely unjustified is not correct. Let me have it in mid of May. The amount is only Rs 7 crores."

The judge has now listed the case for next hearing on May 8.

In its suit, the fintech company claimed that a Rajasthan-based travel company had raised invoices for foreign tours twice, once for Grover and his wife and second time, for their children. The family also used the company's funds to travel abroad.

The suit further claimed that the Grovers used the company funds to pay the rent and security deposit of their posh duplex and for home appliances, too. The duplex was first taken over by Grovers as the company's guest house but eventually they started living there, the suit claimed.