Byju Raveendran files FIR against former Byju's RPs, EY, and Glas Trust

Byju Raveendran, founder of the embattled edtech firm Byju’s, has filed a police complaint against the former insolvency resolution professional (RP) of its bankrupt parent company, a trustee representing US lenders, and some employees of consulting firm EY.

 

“FIR filed against those involved in a criminal conspiracy against BYJU'S: Pankaj, the RP who illegally handed over the insolvency process to Dinkar, Rahul & Lokesh from EY who are the agents of GLAS, a collective of crooks. I am not a flower; I am the fire that will shatter GLAS,” Raveendran wrote in a post on X, sharing a photo of the first information report.

 

In his post, he accused former resolution professional Pankaj Srivastava of unlawfully transferring the company’s insolvency process to Dinakar Venkatsubramanian, Rahul Agarwal, and Lokesh Gupta from EY, alleging that they acted as agents for GLAS Trust, which represents the US lenders.

 

In a separate post tagging EY India chief Rajiv Memani, Raveendran wrote: “Is this fraud individual or institutional @Rajivmemani? If it's the former, you must suspend the culprits now. There are tons of proof that I will share. There are burning questions you must answer. It's the least you can do to help the EY Entrepreneur of the Year 2018 & 2020.” 

 

Last month, in a surprising turn of events, Raveendran, made an unexpected debut on LinkedIn. He called for a comprehensive investigation by authorities into what he claimed was a "criminal collusion" between accounting firm EY India, GLAS Trust (which represents US lenders), and the IRP (Interim Resolution Professional) to dismantle his company.

 

Valued at $22 billion in 2022, Byju’s has seen its fortunes almost wiped out due to a massive cash crunch, regulatory issues and disputes with investors, including a battle with US lenders who are demanding $1 billion in unpaid dues, triggering the firm’s insolvency. The worth of once most valued Indian startup is zero now.

 

“Me and several employees received a document with conclusive evidence of criminal collusion between EY India, which I otherwise held in high regard, GLAS Trust, which claims to represents the lenders it does not represent, and the IRP who was appointed by an Indian court to protect Byju’s but ended up destroying it. I am sure a thorough investigation of this evidence will reveal the truth. I request the authorities to take that up immediately,” Raveendran wrote in a LinkedIn post.

 

Around same time, Judge John T. Dorsey of the United States Bankruptcy Court for the District of Delaware issued an order granting summary judgment in favour of Byju’s Alpha Inc., against Riju Ravindran, Camshaft Capital Fund LP and its affiliates, and Think & Learn Pvt Ltd (Byju’s parent company, the Defendants).

 

Riju Ravindran is founder Byju Raveendran's brother.

 

The order finds that the defendants, alongside Byju Raveendran, were responsible for orchestrating and executing an unlawful scheme that defrauded the lenders. Damages are to be awarded at a later date. The dispute revolves around the $1.5 billion Term Loan B (TLB) guaranteed by Think & Learn Pvt Ltd, the parent of Byju’s.

 

Raveendran, recently promised a turnaround for rebuilding the erstwhile empire from scratch, brick by brick. “Broke, not broken. We will rise again,” Raveendran posted on X, alongside a photo of himself as a young man, reflecting his humble roots.

 

“Nothing is ever as good as it seems, nor as bad as they make you believe. The truth usually lies somewhere in between. So I’m here to talk about the last 20 years: the good 17, the bad 2 & the ugly 1. No filters. Only facts,” said Raveendran.