Byju's term loan lenders sue founder Raveendran for $533 million 'theft' in US court

Byju's term loan lenders have filed a lawsuit against founder Byju Raveendran, his wife and co-founder Divya Gokulnath and Anita Kishore (former chief strategy officer) in a US bankruptcy court.The lawsuit was filed following the judgment of the US Bankruptcy Court for the District of Delaware against Riju Ravindran.

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The lawsuit claims that each of them co-orchestrated and executed a lawless scheme to "conceal and steal $533 million of loan proceeds".

The ad hoc group of term loan lenders of Byju's Alpha’s Term Loans said in a statement, “On the heels of the Delaware Bankruptcy Court's recent judgment against his brother and companies, this action is being brought to now hold Byju Raveendran, the former CEO of Byju's Alpha, and two more of his co-conspirators — namely his co-founder and close business associate — accountable for their roles in masterminding the theft of more than half a billion dollars.”