Byju Raveendran on Monday stated that an FIR has been registered in connection with an alleged criminal conspiracy involving the embattled edtech giant BYJU'S. According to the FIR, Pankaj Srivatsava , who reportedly played a key role in the company’s insolvency proceedings, is accused of illegally transferring control of the process to Dinkar Venkatasubramanian, a senior representative at Ernst & Young LLP. Also named in the FIR are Rahul Agarwal and Lokesh Gupta, both associated with EY, as well as GLAS Trust LLC , represented by Khaitan & Co in New Delhi.

Taking to his official handle on X, Raveendran wrote, "FIR filed against those involved in a criminal conspiracy against BYJU'S: Pankaj, the RP who illegally handed over the insolvency process to Dinkar, Rahul & Lokesh from EY who are the agents of GLAS, a collective of crooks."

"I am not a flower; I am the fire that will shatter GLAS," he further said in his post on X.

FIR filed against those involved in a criminal conspiracy against BYJU'S: Pankaj, the RP who illegally handed over the insolvency process to Dinkar, Rahul & Lokesh from EY who are the agents of GLAS, a collective of crooks.
I am not a flower; I am the fire that will shatter GLAS. pic.twitter.com/djwCbAku8i

— Byju Raveendran (@ByjuofBYJUS) April 7, 2025

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Earlier, Raveendran made some serious allegations against global consultancy EY (Ernst & Young), accusing the firm of conspiring with the company’s lenders and a court-appointed official to derail its recovery efforts.

In a detailed post on X, Raveendran said, “BYJU’S has always been about substance over spectacle, impact over noise.” He called the ongoing setbacks part of a larger comeback story and said he rarely complains—but felt obligated to speak up after receiving what he called “conclusive evidence of criminal collusion.”

According to Raveendran, documents shared with him and other employees show that EY India, GLAS Trust, and Pankaj Srivastava—the former resolution professional appointed by the court—collaborated in ways that actively harmed the company. He urged authorities to investigate the matter urgently.

Byju’s financial troubles began when it defaulted on a term loan worth 1.2 billion dollars. A group of lenders, represented by GLAS Trust, approached India’s National Company Law Tribunal (NCLT) to recover Rs 11,432 crore. In June 2024, the tribunal ruled in favor of the lenders, giving them control over Byju’s financial decisions.

Raveendran and his team contested the ruling, arguing that the lenders had overlooked a separate Rs 158 crore dispute with the Board of Control for Cricket in India (BCCI).

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In February 2025, a LinkedIn post from an EY whistleblower surfaced, accusing the firm of acting against Byju’s interests during the insolvency process. The whistleblower claimed EY worked with GLAS Trust and Srivastava to push decisions that favored lenders over a fair restructuring.

- EY colluded with GLAS Trust and Srivastava to manipulate insolvency proceedings  
- Decisions were engineered to benefit lenders at the cost of Byju’s recovery  
- A document proving criminal wrongdoing was circulated internally among some employees

- EY (Ernst & Young):Accused of unethical practices and conflict of interest during the insolvency process  
- GLAS Trust: The agency representing Byju’s creditors—though Raveendran claims it does not represent all lenders  
- Pankaj Srivastava:The former resolution professional, already facing disciplinary action