Byju's founder faces accusations of concealing funds to regain control of company

Byju’s founder, Byju Raveendran, is accused of attempting to regain control of his company by hiding loan proceeds from US creditors owed over $1.2 billion. A court filing claims he recruited former political consultant William Hailer for this effort. Raveendran allegedly planned to use hidden funds to buy back Epic!, an education software firm, from a US trustee. This plan failed, and Hailer is set to testify in court about his involvement and the financial manipulations he witnessed. Lenders have been pursuing Byju’s in US courts for over a year, claiming Raveendran concealed $533 million in loan proceeds. Byju’s is also facing insolvency proceedings in India, with efforts underway to repay creditors.