MUMBAI/BENGALURU : A US bankruptcy court has found Byju’s parent Think & Learn, Byju Raveendran’s brother Riju Ravindran and a little known hedge fund Camshaft Capital responsible for defrauding Byju’s term loan lenders.
The court also observed that Ravindran violated his fiduciary duties as a director of Byju’s Alpha, a US subsidiary set up by the startup to receive the term loan proceeds which was eventually placed under the control of the lenders. “In making its ruling, the Court confirmed that the multiple transfers of funds from BYJU’s Alpha constituted actual fraudulent transfers and conversion (i.e., theft),” the lenders said in a statement late Friday.
The case pertains to the lenders’ efforts to recover the…
