Byju’s CEO Alleges Fraud in Insolvency Case
Byju Raveendran, the founder and CEO of Byju’s, has made serious allegations of collusion in the company’s ongoing insolvency proceedings. In a recent interview, Raveendran claimed that new evidence submitted to the court reveals that EY India acted on behalf of GLAS Trust, which he describes as a “massive fraud.” With a critical hearing set for Tuesday at the National Company Law Appellate Tribunal (NCLAT), Raveendran is urging for an investigation into the matter.
Allegations of Collusion
In his interview with the Times of India, Raveendran expressed his long-held suspicions regarding EY’s involvement in the insolvency process. He stated, “We had suspicion from the very beginning that there was some kind of foul play going on.” Raveendran emphasized that the evidence he has gathered, including emails and documents, is substantial and can be verified. He insists that these are not mere screenshots but legitimate attachments that will shed light on the situation.
The CEO’s claims come amid a backdrop of ongoing scrutiny and allegations against Byju’s. Raveendran believes that the evidence will reveal the extent of EY’s involvement and potentially exonerate his company from the allegations it faces. He stated, “It’s only a matter of time before people realize who is playing the fraud game.”
Whistleblower Documents and Legal Proceedings
Raveendran also discussed the whistleblower documents that have been circulating online, which he claims contain the same evidence referenced in his recent LinkedIn post. This post, which was briefly taken down before being restored, outlines how the evidence could facilitate Byju’s return to normalcy amid the insolvency proceedings.
He clarified that the LinkedIn post was intended to highlight the potential for clearing Byju’s name, asserting that the allegations against the company have been unfounded. “So far, all allegations have been against us,” he noted, indicating a strong belief in the validity of his claims.
Next Steps for Byju’s
As the company navigates its insolvency, Raveendran is focused on the upcoming court hearing. He stated, “We already filed these files along with a lot of evidence we have. There is no escape for whoever did this.” He is adamant that the evidence submitted to the NCLAT will expose the alleged fraud and the role of EY in the process.
Raveendran’s determination to pursue this case reflects his commitment to restoring Byju’s reputation. He believes that the truth will emerge in court and that the evidence will clarify the situation for all parties involved. The hearing on Tuesday is expected to be pivotal in determining the future of Byju’s and the validity of Raveendran’s allegations.
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