US lenders’ representative Glas Trust rejects Byju Raveendran’s allegations of fraud, collusion

Glas Trust, which represents a group of US entities that lent $1.2 billion to Byju's, has denied allegations of collusion and fraud made by the company's founder, Byju Raveendran, calling them baseless and fabricated.

“Byju’s latest allegations should be seen for what they are: yet another desperate and lawless act to refuse accountability for his misconduct, following an extensive judicial process that resulted in T&L (Think & Learn) being placed into insolvency proceedings,” it said responding to ET's queries.

Earlier Raveendran said in a post on X that he had lodged a police complaint against former insolvency resolution professional Pankaj Srivastava, Glas Trust and some employees of consulting firm EY.


A whistleblower from EY India had alleged that EY worked with Glas Trust and was appointed by Srivastava to assist him in handling the insolvency proceedings of Think & Learn, the parent company of Byju’s.

“Glas will take all appropriate steps to continue to vindicate its name and hold Byju and his cohorts accountable for the harm he has caused to his lenders as well as thousands of T&L's customers and families,” Glas added.

The matter relates to Byju’s insolvency. The case involving the alleged fraud flagged by the whistleblower is currently being heard by the National Company Law Tribunal (NCLT) and its appellate body.

It came to light after the NCLT approved the appointment of EY employee Shailendra Ajmera as the new resolution professional in February, replacing Srivastava.

In January, the NCLT directed the Insolvency and Bankruptcy Board of India to initiate disciplinary action against Srivastava, who was removed as the resolution professional after it was found that he had misled the tribunal.

Separately, members of a consortium that lent $1.2 billion to Byju’s have filed a lawsuit against Raveendran, his wife Divya Gokulnath, and “consigliere” Anita Kishore. On Thursday, the lenders said that the three of them planned and executed a scheme to hide and misappropriate $533 million from the loan proceeds.

This development follows a recent Delaware Bankruptcy Court ruling that confirmed multiple fraudulent transfers and theft.