Byju Raveendran has filed an FIR against several individuals for being “involved in a criminal conspiracy against his beleaguered ed-tech startup. The developments came weeks after a LinkedIn post attributed to an EY whistleblower claimed that the firm had supported Glas Trust and acted against the interests of Byju’s.
“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 on X.
He also shared a follow-up message on the social media platform urging EY chairman Rajiv Memani to ‘suspend the culprits’ immediately. Raveendran claimed hat he had “tons of proof” to share as he lashed out at the top executive.
The development also comes days after the Byju’s founder shared a video on social media claiming that a group of individuals had been ‘caught on camera conspiring to create false fraud claims’ against him.
The ed-tech start-up — once valued at $22 billion — has seen a staggering fall from grace in recent years and remains in the midst of a protracted legal battle. Byju’s financial troubles began after the company failed to repay a $1.2 billion loan — prompting a group of lenders to approach the National Company Law Tribunal. The NCLT had eventually ruled in favour of the group — represented by Glas Trust — and handed over control of the company’s financial decisions.
Raveendran had also recently challenged an NCLT order to include the Glas Trust and Aditya Birla Finance in the committee of creditors — deeming it ‘fundamentally flawed’. Raveendran had earlier called for authorities to launch a ‘thorough investigation’ into alleged collusion and fraud by the Trust, EY and Pankaj Srivastava — a former resolution professional with Think and Learn.