Byju Raveendran, founder of Byju’s, denied accusations of fraud related to $533 million missing from a $1.2 billion loan taken nearly three years ago. In court, he explained that the money was used for legitimate business purposes during international expansion plans.
Lenders, who have been tracking the funds for over a year, believe the money was transferred offshore to entities linked to Raveendran. He clarified that he never stated the funds were hidden and emphasized that neither he nor Byju’s founders benefited personally from the funds in question.