Byju's arm ‘roundtripped' $533 mn: US court filing

FOUNDERS REFUTE ALLEGATIONS

- FE BUREAU

A DELAWARE BANKRUPTCY Court filing has claimed that the missing $533 million from Byju’s Alpha was “in effect, roundtripped right back to Byju Raveendran and his affiliates,’ contradicting the edtech founder’s earlier sworn statements.

The founders of Think & Learn (TLPL) have categorically rejected the allegations.

The filing comes as Byju’s Alpha seeks approval of a settlement with OCI Limited, the UK-based procurement company that received most of the disputed money. As part of the settlement, OCI’s founder Oliver Chapman submitted a sworn declaration detailing what happened to the funds.

Chapman’s declaration states that “$533 million was clandestinely removed, with the intention that the vast majority of that money be moved (via a series of opaque transfers) to a corporate vehicle in Singapore—Byju’s Global—that Raveendran individually owned.”