A U.S. court fined Byju’s founder Byju Raveendran $1.07 billion for ignoring discovery orders in a case over alleged fund diversions.

A U.S. Delaware Bankruptcy Court has issued a $1.07 billion default judgment against Byju Raveendran, founder of the Indian edtech company Byju’s, for failing to comply with discovery orders in a case involving the alleged diversion of $533 million from Byju’s Alpha and $540.6 million from a U.S. hedge fund. The court found Raveendran repeatedly evaded legal obligations, ignored subpoenas, and failed to pay $10,000 daily contempt fines, calling the ruling necessary despite its severity. The judgment requires a full accounting of the funds and related assets, stemming from allegations that money was transferred through offshore entities, including a Singapore company linked to Raveendran, though he denies wrongdoing. The case is part of broader legal and financial challenges facing Byju’s and its leadership.