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Byju’s founder says missing millions went to legitimate purpose

Economic Times · 1m

- Byju Raveendran, the founder of Byju's, denies orchestrating a scheme to fraudulently transfer $533 million away from lenders. - The $1.2 billion loan received by Byju's was intended for international expansion. - Byju's faced a liquidity crunch before seeing returns on strategic investments, leading to the use of the $533 million for a legitimate commercial purpose, according to Raveendran. - Lenders have been trying to track down the money for over a year, with allegations that it was transferred offshore to entities linked to the founder. - Raveendran disputes the claims of fraudulent transfer, stating that the allegations are based on a quote attributed to him by a lender's representative that he never made. - Byju's entered into agreements with OCI Ltd. for procurement services, and when unable to reimburse the owed amount, OCI exercised its right of set-off against the Alpha Funds.