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Sat, Jul 5, 2025
2:06 PM
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Last Updated
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126 days ago
Updated 125 days ago
US Court Rules Byju's Officials Committed $533 Million Fraud
US Court Rules Byju's Officials Committed $533 Million Fraud

US Court Rules Byju's Officials Committed $533 Million Fraud

News summary

A US bankruptcy court has ruled that Byju’s and its key directors, including Riju Ravindran, were involved in fraudulent activities involving the concealment of $533 million from lenders. The Delaware Bankruptcy Court confirmed that multiple fund transfers from Byju’s Alpha, a subsidiary of the edtech firm, constituted actual fraud and breaches of fiduciary duty. Lenders represented by Glas Trust expressed satisfaction with the court's acknowledgment of a deliberate fraud scheme, indicating this ruling is a significant step toward recovering the misappropriated funds. The court found that the defendants actively obscured financial transactions, failed to provide necessary financial disclosures, and misled creditors about the status of the funds. Following Byju’s default on a $1.2 billion loan in early 2022, the funds were allegedly funneled to Camshaft Capital Fund, a hedge fund linked to the defendants. The court's ruling is a crucial development in the ongoing legal battles faced by Byju’s, as they navigate significant financial difficulties.

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Bloomberg
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Judge Says Byju’s Official Broke Duty to Lenders by Hiding Cash
126 days ago
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Bloomberg
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Judge Says Byju’s Official Broke Duty to Lenders by Hiding Cash
126 days ago
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Information Sources
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Total News Sources
1
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1
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0
Right
0
Unrated
0
Last Updated
125 days ago
Bias Distribution
100% Left
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Story Coverage
alt
Bloomberg
$
Left
Judge Says Byju’s Official Broke Duty to Lenders by Hiding Cash
126 days ago
Read Full Article
alt
Bloomberg
$
Left
Judge Says Byju’s Official Broke Duty to Lenders by Hiding Cash
126 days ago
Read Full Article
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