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.

“On the heels of the Delaware Bankruptcy Court’s recent judgment against his brother and companies, 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 half a billion dollars,” said the ad hoc group of term loan lenders of Byju’s Alpha’s Term Loans.

They further stated that “it is clear that Byju, Divya, and Anita deliberately hid the assets of BYJU’s Alpha and repeatedly were deceptive about the location of the money in order to steal funds rightfully owed to the Lenders”. “In light of the Court’s recent decision, there can be no doubt that they acted unlawfully and tried to cover their tracks, breaching fiduciary duties and making numerous misrepresentations, among other misconduct, in the process.