Was $533 million funneled back to Byju Raveendran? Founders refute allegations
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Synopsis
A new court filing has raised serious allegations against Byju Raveendran, claiming $533 million was illegally funneled back to him. This allegation is part of a contentious bankruptcy case involving Byju's Alpha, but the founders vehemently deny any wrongdoing. What implications could this have for the beleaguered edtech giant?
Key Takeaways
- The **$533 million** at the center of the dispute is alleged to have been misappropriated.
- Byju Raveendran and his team categorically deny the allegations.
- Legal proceedings are ongoing, with significant implications for Byju's future.
- The case highlights the complexities of corporate financial management in the edtech sector.
- Public interest remains high as stakeholders await further developments.
New Delhi, Nov 17 (NationPress) A recent submission to the Delaware Bankruptcy Court has claimed that the $533 million that is currently unaccounted for from Byju's Alpha — an entity now under the control of the edtech firm's Term Loan B (TLB) lenders — was allegedly “round-tripped back to Byju Raveendran and his associates.”
However, the founders of Think and Learn, the parent organization of Byju's, have vehemently denied these allegations, as stated in a November 17 report referenced by multiple media outlets.
The claims surfaced as Byju's Alpha sought judicial approval for a settlement agreement with OCI Limited, a UK-based procurement company that had received the majority of the disputed funds.
As part of the proposed resolution, OCI's founder, Oliver Chapman, provided a sworn statement detailing “down to the cent” how the funds were utilized after being transferred to OCI.
The filing contends that the money was not allocated for the purchase of tablets, advertising services, or any legitimate business purpose for Think & Learn, which contradicts claims made by Byju Raveendran in a previous court statement filed in 2024.
Furthermore, the document asserts that Chapman’s investigation revealed that the $533 million was “clandestinely extracted” in 2022 and funneled through obscure transactions to Byju’s Global Pte Ltd in Singapore — a corporate entity owned by Raveendran.
Reports indicate that this movement of funds is characterized as “personal enrichment,” with accusations directed at Raveendran and former OCI representative Rupin Banker of exploiting OCI to defraud the debtor and its creditors.
In response, Byju’s founders stated they categorically reject the assertions made by GLAS Trust in the Delaware filing, labeling Chapman’s testimony as selective, incomplete, and lacking supporting evidence.
Earlier in the year, the Supreme Court dismissed petitions from the BCCI and Riju Raveendran — the brother of Byju Raveendran — which were aimed at withdrawing insolvency proceedings against Byju's and considering the settlement between the struggling edtech firm and the BCCI.
A Bench of Justices JB Pardiwala and R Mahadeven declined to intervene with the April 17 ruling of the National Company Law Appellate Tribunal (NCLAT) that determined since the settlement proposal was submitted after the formation of the Committee of Creditors (CoC), it needed the lender's body approval under section 12 A of the Insolvency and Bankruptcy Code.
Point of View
I believe it is essential to approach this situation with a balanced perspective. While the allegations made against Byju Raveendran and his associates are serious and warrant thorough investigation, it is equally important to consider the founders' firm denials and the legal processes at play. Our responsibility is to provide accurate, unbiased reporting that reflects both sides of this complex issue.
NationPress
17/11/2025
Frequently Asked Questions
What is the recent allegation against Byju Raveendran?
The Delaware Bankruptcy Court filing alleges that **$533 million** was round-tripped back to Byju Raveendran and his affiliates.
How has Byju's responded to these allegations?
Byju's founders have strongly denied the claims, calling the testimony provided by Oliver Chapman selective and unsupported.
What is the significance of this case for Byju's?
This case could have major implications for Byju's financial stability and reputation as it navigates bankruptcy proceedings.
Who is Oliver Chapman?
Oliver Chapman is the founder of OCI Limited, the UK-based procurement company involved in the dispute over the missing funds.
What does section 12 A of the Insolvency and Bankruptcy Code entail?
Section 12 A requires the approval of the Committee of Creditors for any settlement proposals submitted post the formation of the CoC.
