$500 million diverted to hedge fund in US: Byju’s investors

PTI

Updated At : 12:51 PM Feb 28, 2024 IST

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Bengaluru/New Delhi, February 27

Key investors in Byju’s on Tuesday alleged that the Enforcement Directorate (ED) is investigating diversion of funds of over $500 million by the edtech company to a hedge fund in the US.

In the ongoing hearing at the National Company Law Tribunal (NCLT) in Bengaluru, the investors alleged that the address of the hedge fund was a “pancake shop” and its founder “is a 23-year-old without any training”.

They also argued that the process adopted by Byju’s for its $200 million rights issue is “in breach of laws”.

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