Overview
- The new court filing alleges the $533 million sent to UK-based OCI was moved through intermediaries to Byju’s Global Pte Ltd, a Singapore vehicle said to be owned by Byju Raveendran.
- Documents cited in the motion say OCI can itemize the transfers “down to the cent” and contend the funds were not spent on tablets, IT equipment, or advertising for Think & Learn.
- The account conflicts with Raveendran’s October 2024 affidavit asserting the payments to OCI served legitimate procurement and marketing purposes.
- Byju’s Alpha is asking the Delaware court to approve a settlement that would end proceedings against OCI, with claims against other defendants continuing.
- Raveendran denies the allegations as false and says rebuttal filings and defamation actions are forthcoming, as Indian insolvency steps attract interest from upGrad and the Manipal Group and U.S. enforcement pressure continues after a July contempt ruling.