Byju’s Ex-Director Ordered To Pay $10,000 Daily Over Missing $533 Million

In a significant development for embattled edtech firm Byju’s, suspended director Riju Ravindran has been ordered to pay $10,000 daily until he assists in locating $533 million allegedly hidden from US lenders.

Ravindran, brother of Byju’s founder, is central to a prolonged dispute over the missing funds.

Lenders argue that the money should be returned following the company’s default on a $1.2 billion loan secured in 2022. Ravindran, one of three directors at Think & Learn Pvt., which operates Byju’s, is under scrutiny for his role in the financial controversy.

US Bankruptcy Judge Brendan Shannon denied a request to delay the US debt case to allow Ravindran and Byju’s to find new legal representation. Current American lawyers for Ravindran and Byju’s subsidiaries seek to withdraw, citing an “irreparable breakdown” in their relationship with the clients.

Judge Shannon ruled that Ravindran’s legal team must continue representing their clients until a scheduled hearing next month.

This decision follows a turbulent period for Byju’s, marked by missed financial reporting deadlines, regulatory raids on its Indian offices, and allegations of fraudulent fund transfers involving a US-based shell company. Byju’s has consistently defended its actions throughout the legal challenges.