In a LinkedIn post, Byju Raveendran, founder of embattled edtech giant BYJU’S, alleged “criminal collusion” between EY India, GLAS Trust, and an interim resolution professional (IRP), accusing them of working against the company’s interests.
He claimed to have received “conclusive evidence” of wrongdoing and called for an immediate investigation but did not disclose further details.
“Several employees and I received a document with conclusive evidence of criminal collusion between EY India, which I otherwise held in high regard, GLAS Trust, which claims to represent lenders it does not represent, and the IRP, who was appointed by an Indian court to protect BYJU’S but ended up destroying it,” he wrote.
“I am sure a thorough investigation of this evidence will reveal the truth. I request the authorities to take that up immediately,” he added, demanding a probe into the alleged misconduct.
Shortly after his post gained traction, Byju Raveendran’s LinkedIn account and the post were allegedly taken down. His wife, Divya Gokulnath, took to social media to highlight the removal, questioning the reason behind it.
“Byju’s post and account taken down. Investigating why. But no problem. Here we go again,” she wrote, sharing screenshots of the deleted post. However, at the time of writing, both the account and post were restored.
Raveendran’s statement comes as BYJU’S battles a legal and financial storm. The company is entangled in disputes over a $1.2 billion term loan, with lenders pushing for governance changes amid an ongoing insolvency resolution process.
Meanwhile, a U.S. bankruptcy court recently ruled against Byju’s brother, Riju Ravindran, and hedge fund Camshaft Capital, finding them guilty of fraudulent transfer of $533 million and a breach of fiduciary duty. The court ruled that at least part of the money was moved to a Miami-based hedge fund to keep it out of creditors’ reach.
Raveendran refuted claims that his family had financially benefited from the company’s rise, stating that any wealth accumulated was reinvested to keep BYJU’S afloat.
“You have been told my family made a fortune by selling our shares. But that’s just half the story. You haven’t been told that all that ‘fortune’ has been put back into our company,” he wrote, adding that he had even sold his home and mortgaged his family’s future to sustain the business.
Despite the turmoil, Raveendran framed the crisis as a temporary hurdle. “For me, every setback is just a setup for a greater comeback,” he stated.
He ended his message with a note to past and present employees, urging them to stay “strong and proud”. “For those who want to help with a comeback that will redefine resilience in Indian entrepreneurship, I welcome you,” he concluded.