A Delaware bankruptcy court filing has alleged that a significant portion of the $533 million missing from Byju’s Alpha, a US-based special purpose vehicle created by Byju Raveendran and his affiliates, was allegedly “round-tripped” back to Raveendran and associates. This allegation challenges prior sworn claims that the funds were allocated for legitimate corporate expenses.

The court submission, filed on November 15 by Byju’s Alpha and intervener-plaintiff GLAS Trust Company, contends that OCI Limited, a UK-based logistics company, was used to conceal cash from US lenders. OCI founder Oliver Chapman, in a sworn declaration, detailed how Alpha funds were transferred, suggesting that the majority of the cash ended up with Byju’s Global, a Singapore-based entity owned personally by Raveendran. The declaration stated that “Raveendran’s plot was to siphon hundreds of millions of dollars of corporate assets for personal use.”

Further allegations implicate former advisor Rupin Banker, who reportedly collaborated with Raveendran to misuse OCI Limited, allegedly obstructing lenders from recovering funds. As a result, lender-backed lawsuits are now pursuing accountability from both Banker and Raveendran for the missing money.

Byju’s has faced multiple legal challenges in recent years. In October 2024, Raveendran confirmed that the $533 million was unavailable to the edtech’s term loan B lenders, claiming it was committed to future expenses—a significant departure from earlier assurances that the funds were safely held overseas. The company currently faces demands for repayment of a $1.2 billion loan obtained in November 2021. Investors, including the Qatar Investment Authority, are actively seeking protection of their rights and transparency regarding Raveendran’s personal assets.

Following two years of scrutiny, US lenders seized control of Byju’s Alpha, initiating Chapter 11 bankruptcy proceedings, while three other units were placed under insolvency control with a bankruptcy attorney.

In response to these allegations, Byju’s issued a statement on November 18, vehemently denying the claims. The company asserted that the filing “does not address the fact that monies from the Alpha loans were used for the benefit of Think & Learn Private Limited (TLPL) and not for personal gain.” Byju’s further indicated plans to take action against OCI and its director for reputational damage caused by the allegations.