Byju Raveendran is accused of misusing loan funds to attempt buying back a US company, Epic!, amid Byju's financial troubles.

Byju Raveendran, founder of the struggling Indian ed-tech firm Byju's, is accused of using hidden loan funds to try and buy back a US-based software company, Epic!, controlled by an American trustee. Raveendran allegedly enlisted Nebraska businessman William R. Hailer to negotiate with US creditors owed over $1.2 billion, using money from a UK logistics firm, OCI Ltd. Lenders claim Raveendran hid $533 million meant for debt repayment. The plan failed, and Hailer is set to testify in court. Byju's is also facing insolvency in India.

November 21, 2024
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