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Byju’s founder says missing millions went to legitimate purpose

Economic Times

Economic Times · 10m ago

Byju’s founder says missing millions went to legitimate purpose

- 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.

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Inc42 · 1y ago

RBI To Set Up Public Repository Of Digital Lending Apps

RBI Governor, Shaktikanta Das, has announced the establishment of a centralized database for approved lending platforms. This database will contain information from RBI-regulated financial institutions regarding their digital lending applications. The purpose of this initiative is to empower consumers by providing them with tools to differentiate between legitimate and potentially risky lending apps.

Byju’s ex-director Riju Ravindran fined $10,000 a day over missing $533 million

Economic Times

Economic Times · 1y ago

Byju’s ex-director Riju Ravindran fined $10,000 a day over missing $533 million

A judge ruled that the suspended director of Indian edtech firm Byju's must pay $10,000 per day until he assists in locating $533 million that his company allegedly hid from US lenders. Riju Ravindran, the brother of Byju's founder, is in the midst of a two-year dispute over the missing funds, which lenders claim should be returned to them after a company default. Ravindran, along with two other directors, was recently replaced by a trustee. The judge also rejected a request to pause the US debt fight to allow Ravindran and the company to find new lawyers.

BYJU’S Says Funds Parked In High-Security Fixed Instruments As Lenders Brouhaha Over ‘Missing’ $533 Mn

Inc42 · 1y ago

BYJU’S Says Funds Parked In High-Security Fixed Instruments As Lenders Brouhaha Over ‘Missing’ $533 Mn

Edtech startup BYJU'S has responded to allegations that it parked $533 million from its term loan B in an obscure hedge fund. The company stated that its offshore subsidiary remains the beneficiary of the funds, which have been invested in high-security fixed income instruments. BYJU'S denied reports suggesting they were no longer the owner of the funds and clarified that there are no requirements to maintain cash as collateral under the credit agreement. This comes amid an ongoing legal battle between BYJU'S and its lenders over missing funds.

Millions tricked into watching fake Apple livestream on YouTube promoting crypto

Internet

Internet · 11m ago

Millions tricked into watching fake Apple livestream on YouTube promoting crypto

Millions were tricked into watching a livestream on YouTube masquerading as Apple's official iPhone 16 launch event. A YouTube channel pretending to be Apple's YouTube channel live-streamed AI-generated video of Apple CEO Tim Cook promoting cryptocurrency and asking for Bitcoin. The fake livestream garnered millions of viewers as it went live during the same time as Apple's actual launch event.

Oman DTAA: Withholding tax rates lowered

Economic Times

Economic Times · 1m ago

Oman DTAA: Withholding tax rates lowered

India and Oman have revised their double taxation avoidance agreement (DTAA) to include digital and service operations in the permanent establishment definition. Withholding tax rates on interest and royalties for technical services were reduced from 15% to 10%, and a Principal Purpose Test was introduced to curb tax evasion. The amendment aims to enhance tax dispute resolutions, boost information exchange to combat evasion, and offer businesses more certainty, encouraging investment while ensuring legitimate transaction purposes.

The bank behind the fintech revolution stumbles after customer funds go missing

Livemint

Livemint · 7m ago

The bank behind the fintech revolution stumbles after customer funds go missing

Evolve Bank, a former top financial partner for Silicon Valley fintech firms, is facing a crisis after a business partner went bankrupt, leaving thousands of customers unable to access their funds. Evolve Bank had managed around $10 billion for fintechs such as Stripe and Affirm, but problems arose when software company Synapse, responsible for storing customer funds, collapsed. It was later revealed that as much as $96 million in customer funds might be missing from accounts at Evolve and other banks. Evolve Bank and Synapse are now blaming each other for the missing funds.

Sam Bankman-Fried’s Lawyers Are Doing Just Fine

Wired · 1y ago

Sam Bankman-Fried’s Lawyers Are Doing Just Fine

The trial of Sam Bankman-Fried, founder of crypto exchange FTX, is underway, with numerous witnesses testifying to his greed and reckless behavior. Bankman-Fried is charged with fraud in connection with the collapse of FTX, where billions of dollars in user funds went missing. His defense lawyers have been criticized for their performance thus far, but legal experts argue that they have been dealt a challenging hand. The defense strategy aims to undermine the credibility of key witnesses and deflect blame onto other members of Bankman-Fried's inner circle. Despite facing cooperating witnesses, the defense's objective is to introduce facts that support their strategy and sow doubt in the minds of the jurors.

'We could’ve built WhatsApp’: Sabeer Bhatia says India’s babus killed bigger ideas

Business Today

Business Today · 3m ago

'We could’ve built WhatsApp’: Sabeer Bhatia says India’s babus killed bigger ideas

Sabeer Bhatia, Hotmail co-founder, criticized India's startup ecosystem for stifling innovation due to bureaucratic inflexibility and a risk-averse culture. He noted that these issues prevent groundbreaking ideas, like something bigger than WhatsApp, from emerging. Bhatia condemned the education system for lacking critical thinking focus, criticized the startup playbook for hindering real innovation, and highlighted cultural problems that prioritize rule enforcement over creativity. He emphasized India's need for new thinking and genuine purpose-driven entrepreneurship.

Byju’s says $200 mn raise done, to appoint two investor directors

The Arc Web

The Arc Web · 1y ago

Byju’s says $200 mn raise done, to appoint two investor directors

Indian edtech giant Byju's has successfully raised $200 million through a rights issue. The funding will cover existing liabilities and provide growth capital for the company. In this funding round aimed at existing investors, Byju's adjusted its pre-money valuation to $20 million. As part of the rights issue, the company will appoint two non-executive directors to its board. This move comes as a consortium of investors seeks to remove founder Byju Raveendran and reconstitute the board, expressing concerns over leadership and stability. Raveendran emphasized the importance of unity and support for the rights issue.

Telegram founder says the company will become profitable next year

TechCrunch · 1y ago

Telegram founder says the company will become profitable next year

Telegram founder Pavel Durov has revealed that the chat app is currently making "hundreds of millions of dollars" through ads and subscriptions. The company, which crossed 900 million users, expects to achieve profitability next year and has plans to go public in the future. Telegram launched a Premium subscription two years ago, and has also introduced ad solutions for channels. The company aims to expand its ad offerings globally this year and is open to smaller equity investment. Additionally, Telegram has explored blockchain-based projects and plans to invest in AI for customer service.

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