BYJU’S CEO Raveendran Demands Probe Into EY-Glas Trust ‘Collusion’ Amid Bankruptcy

BYJU’S CEO Raveendran: Byju Raveendran, the founder and CEO of the bankrupt edtech firm Byju’s, finally broke his silence, sharing an emotional post on LinkedIn. Beginning with the statement, “I am the Byju of BYJU'S,” he detailed what went wrong and how the situation is being misrepresented. He said that he will now connect directly with the public, revealing that he has sold everything he owns “to keep his mission alive”.

Raveendran also called for a “thorough investigation” into alleged collusion and fraud involving the firm’s lender Glas Trust, consultancy firm EY, and former resolution professional Pankaj Srivastava.

In his post, Raveendran expressed frustration over what he perceives as an orchestrated effort to dismantle Byju’s. He stated that both he and multiple employees had received documents that allegedly proved EY India, GLAS Trust, and the IRP were engaged in actions that harmed the company rather than assisting in its restructuring. “Several employees and I received a document with conclusive evidence of criminal collusion between EY India, which I otherwise held in high regard, GLAS Trust, which claims to represent lenders it does not represent, and the IRP, who was appointed by an Indian court to protect BYJU’S but ended up destroying it,” Raveendran wrote in the post.

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His statement came after a whistleblower from EY India posted on LinkedIn. The whistleblower accused EY of working with Glas Trust and Srivastava to take control of Byju’s.

Raveendran further alleged, “I and several employees received a document with conclusive evidence of criminal collusion between EY India, which I otherwise held in high regard, Glas Trust, which claims to represent the lenders it does not represent, and the IRP (resolution professional Srivastava) who was appointed by an Indian court to protect Byju’s but ended up destroying it.”

He urged authorities to act quickly, saying, “I am sure a thorough investigation of this evidence will reveal the truth. I request the authorities to take that up immediately.”

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“You have been told my family made a fortune by selling our shares. But that’s just half the story. You haven’t been told that all that ‘fortune’ has been put back into our company,” he wrote, adding that he had even sold his home and mortgaged his family’s future in a bid to keep the company afloat.

Raveendran framed the ongoing crisis as a temporary setback. “For me, every setback is just a setup for a greater comeback,” he stated.

Byju Raveendran ended with a message to employees, past and present, urging them to stay “strong and proud” and inviting those willing to help with a “comeback that will redefine resilience in Indian entrepreneurship.”

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