Byju Raveendran Alleges “Criminal Collusion” Between EY India, GLAS Trust, and Court-Appointed Professional

Byju Raveendran, the embattled founder of edtech giant Byju’s, has broken his silence over the company’s downfall, alleging “criminal collusion” between key financial entities handling its restructuring. In a LinkedIn post on Friday, Raveendran claimed to have received “conclusive evidence” that a restructuring partner at EY India, GLAS Trust, and the court-appointed interim resolution professional were working in tandem to manipulate the insolvency proceedings against his company.

“I am sure a thorough investigation of this evidence will reveal the truth. I request the authorities to take this up immediately,” he stated.

His explosive allegations come amid reports of a whistleblower document suggesting that an EY India partner was simultaneously working with Byju’s and GLAS Trust while controlling the firm’s insolvency process. GLAS Trust, representing over 100 creditors of Byju’s US subsidiary, Byju’s Alpha, has played a key role in the ongoing bankruptcy battle.

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Adding to Byju’s troubles, a US Bankruptcy Court in Delaware issued a damning summary judgment against Raveendran’s brother Riju Raveendran, hedge fund Camshaft Capital Fund, and Byju’s parent company, Think & Learn Pvt Ltd. The court found them guilty of defrauding lenders by allegedly transferring $533 million to Camshaft, a hedge fund founded by William Morton.

From Edtech Giant to Financial Ruin

Once valued at a staggering $22 billion in 2022, Byju’s has plummeted into financial turmoil, weighed down by massive debt, unpaid salaries, investor disputes, and insolvency proceedings. Its founder, whose net worth once stood at $3.6 billion, has now reportedly hit zero, according to the Forbes Billionaire Index 2024.

In his LinkedIn post, Raveendran acknowledged his long silence amid Byju’s downward spiral but vowed to speak out from now on. “I am the Byju of BYJU’s, and I am here now. I should have been here sooner, but I was too busy building my company. Then I was too busy saving everything I built,” he wrote.

He also dismissed claims that his family had profited from the company’s rise, stating, “You have been told my family made a fortune by selling our shares. But that’s just half the story. Everything we earned has been put back into the company.”

In a dramatic revelation, Raveendran claimed to have sold his house and mortgaged his family’s future to keep Byju’s afloat, expressing deep regret over the distress his decisions have caused his loved ones.

Amid speculation over the authenticity of his post, Raveendran’s wife and Byju’s co-founder, Divya Gokulnath, confirmed its legitimacy, sharing screenshots after the post briefly disappeared. “Byju’s post and account taken down. Investigating why. But no problem. Here we go again,” she wrote.

With Byju’s future hanging in the balance, Raveendran’s fight to salvage the company is far from over.