Byju’s Alpha sues Byju Raveendran, his wife

New York: Byju’s Alpha, a special purpose financing vehicle established by Byju’s in the US to receive proceeds of a $1.5 billion Term Loan B, has sued Byju Raveendran, co-founder and his wife Divya Gokulnath for ‘orchestrating theft of $533 million’.

Byju’s Alpha said that following the $533 million judgment of the United States Bankruptcy Court for the District of Delaware against Riju Ravindran and Byju’s ultimate corporate parent in India, the company has now filed a lawsuit against Byju Raveendran, his co-Founder and wife Divya Gokulnath, and his consigliere (advisor), Anita Kishore.

The lawsuit states that each of them co-orchestrated and executed a lawless scheme to conceal and steal $533 million of loan proceeds (the ‘Alpha Funds’), according to a press release. “This action is being brought to now hold Byju Raveendran, the former CEO of BYJU’s Alpha, and two more of his co-conspirators – namely his co-founder and close business associate – accountable for their roles in masterminding the theft of more than $0.5bn,” said the ad hoc group of term loan lenders of Byju’s Alpha’s Term Loans.