Lenders allege Byju’s hid $533 million in obscure 3-year-old hedge fund

Lenders to Byju’s have alleged that the education technology company hid $533 million (about Rs 4,400 crore) in an obscure three-year-old hedge fund to avoid it being seized to make up for a loan default. Byju’s has denied the charge.

Byju’s US-based subsidiary Alpha Inc transferred in 2022 more than half a billion dollars to Camshaft Capital Fund, a hedge fund that once said its principal place of business was an IHOP pancake restaurant in Miami in the US, Bloomberg reported, citing a lawsuit in a US court.