A new filing in the Delaware Bankruptcy Court has alleged that the missing $533 million from Byju’s Alpha, an entity now controlled by the edtech firm’s Term Loan B (TLB) lenders, was “in effect, round-tripped right back to Byju Raveendran and his affiliates.” The founders of Think & Learn, the parent company of Byju’s, rejected the claims in a media statement issued on 17 November, reported Moneycontrol.
The filing has been submitted as Byju’s Alpha seeks approval for a settlement with OCI Limited, the UK-based procurement firm that received most of the disputed funds. As part of the proposed settlement, OCI founder Oliver Chapman filed a sworn declaration “itemising down to the cent what happened to the Alpha Funds, once OCI received the money.” According to the filing, the funds were not used for “legitimate commercial purposes” such as procuring tablets or advertising services for Think & Learn, contrary to what Raveendran had previously claimed in a separate declaration filed in late 2024.
The filing further states that Chapman’s review showed that, in 2022, “$533 million was clandestinely removed” and routed through opaque transfers to Byju’s Global Pte Ltd in Singapore, a corporate entity owned by Raveendran. It characterises the movement of funds as evidence of “personal enrichment,” alleging that Raveendran, along with a former OCI representative, Rupin Banker, “abused OCI to facilitate a fraud on the Debtor and its creditors.”
Byju’s denies allegations
In their statement, Byju’s founders said they “categorically and unequivocally” deny the accusations made by GLAS Trust in the latest Delaware filing, describing Chapman’s testimony as “selective,” “incomplete”, and lacking evidence of any wrongdoing.
“Mr Chapman’s testimony… does not establish any diversion of funds by the founders,” the statement read. “The facts remain unchanged: No portion of the USD 533 million in question has been used by founders directly or indirectly. The said amount has been used in its entirety for the benefit of Think & Learn, as evidenced in documents and bank statements.”
The founders added that their upcoming court submission would rebut each of GLAS Trust’s assertions. They also accused GLAS Trust and the Resolution Professional of presenting “partial/selective extracts” despite having full access to the company’s financial records. “When the full money trail is available with them, presenting only half-truths is not an accident — it is a deliberate strategy to sabotage the founders’ reputation,” the statement said.