Once an Edtech giant, Byju’s is now going through a financial crisis over mounting debts and legal disputes. Amid the chaos, its founder, Byju Raveendran, reiterated claims of being framed for fraud.
Founded in 2011, Raveendran's company is battling lawsuits in both the US and India over $1 billion in unpaid debts. Once valued at $22 billion in 2022, Byju's is now entangled with controversies and criticisms.
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Byju Raveendran claims getting framed by 'conspirators'
Taking to X, Raveendran shared a new video claiming to catch the conspirators on camera.
He even stressed not being a part of the fraud. The video appears to be from an online meeting of stakeholders discussing the ongoing legal battle.
One individual, shown as Lomesh Kiran Nidumuri, could be heard asking to make the fraud allegations a “little more specific" as they don’t have any “direct evidence of material.”
Another person in the video focuses on using certain language and submission to indicate fraudulent behaviour on the part of the management.
“The idea of putting those allegations in the draft was to show to the shareholders what an ideal petition should look like, but obviously we won’t retain a large number of allegations if we are not able to substantiate them with demonstrable proof. Having said that, we will still use language and submission that will indicate fraudulent behaviour on the part of the management and the promoters," added Shankh Sengupta, partner and head of disputes and white-collar practice at Trilegal.
“Those who sued us CAUGHT on video conspiring to create FALSE fraud claims,” Raveendran wrote on X.
“Their lies end now. Watch this video where they say there's NO FRAUD done by me but they have to make it look like there's fraud,” he added.
“Thanks to the well-wishers who sent me these videos. More to come,” the Byju’s founder concluded.
Incidentally, in a recent post on X, Raveendran shared a photo of his earlier days on X and captioned, "Broke, not Broken. We will rise again."
While the Byju’s founder is aspiring to prove himself innocent and make a comeback, former employees and several parents who invested in buying courses from the online learning platform have accused him as a “fraud” trying to target the next set of “victims”.
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