Byju's Founder's Legal Battle: Unraveling the USD 2.5 Billion Counterclaim

Byju's founder Byju Raveendran plans to file a USD 2.5 billion damages claim in the US, challenging allegations by GLAS Trust about the diversion of USD 533 million Alpha Funds. Raveendran denies wrongdoing, asserting that the funds were properly routed to and invested in Byju's entities.

Byju's founder, Byju Raveendran, is preparing to file a USD 2.5 billion damages claim in a US court. He aims to combat allegations from GLAS Trust that USD 533 million was diverted from Alpha Funds to the company's founders.

The lawsuit counters a recent default ruling by a US bankruptcy court, which ordered Raveendran to repay over USD 1 billion. The ruling claimed Raveendran did not cooperate in legal efforts to track funds from a USD 1.2 billion loan made in 2021.

Raveendran argues the court failed to provide him adequate time to secure a US attorney to present his case. He is determined to repeal the decision and asserts that all funds in question were appropriately redirected to Byju's entities, contributing to significant acquisitions.

(With inputs from agencies.)