A Bankruptcy Court in the US on Friday issued a summary judgement against Riju Ravindran, Think & Learn (the parent company of Byju’s), and the hedge fund Camshaft Capital. The court found them guilty of fraudulent transfer of $533 million and a “breach of fiduciary duty.” The court order came after a case was filed in February last year by Byju’s lenders represented by Glas Trust LLC. The lenders say they are gratified that the Court unequivocally recognised that the defendants together conducted a deliberate fraud on a global scale. The Lenders say the court’s decision is a significant step forward in the Lenders’ efforts to recover the stolen funds that are rightfully owed to them,” the lenders said in a statement. The case was brought by a group of 37 financial institutions, including Glas Trust, the bank representing the Raveendran family, and the investment firm of William Morton, who is also the founder of Camsh shaft Capital Fund, a sham hedge fund.
