New Delhi, March 3: Byju Raveendran, founder of the edtech company, has reportedly accused EY (Ernst & Young) of colluding with Byju’s lender Glas Trust and former resolution professional Pankaj Srivastava. These allegations come amid revelations from a whistleblower. Byju’s financial troubles started after defaulting on a USD 1.2 billion term loan B. Lenders, led by Glas Trust, won an NCLT ruling in June 2024 to control Byju’s financial decisions.

As per reports, NCLT had already instructed that disciplinary proceedings to be taken against Srivastava. If Raveendran's allegations against EY gain credibility, regulatory bodies, including India's insolvency regulator, may begin further investigations into the situation. US Bankruptcy Court Rules Against Byju’s Parent Think & Learn, Riju Ravindran and Hedge Fund Camshaft Capital Finding Guilty of Fraudulent Transfer of USD 533 Million, ‘Breach of Fiduciary Duty’.

Byju Raveendran Says ‘Received a Document With Conclusive Evidence of Criminal Collusion Between EY India’

As per report of Livemint, a whistleblower from EY India stated that the audit firm collaborated with Glas Trust and was appointed by Srivastava. Whistleblower from EY has reportedly claimed that the firm sided with Glas Trust and acted against the interests of Byju’s. As of now, EY has not responded to these allegations. Byju Raveendran said," me and several employees received a document with conclusive evidence of criminal collusion between EY India, which I otherwise held in high regard, GLAS Trust."

Reports also suggest that Divya Gokulnath, the wife of Byju Raveendran and co-founder of the edtech platform Byju’s, has claimed that her husband's LinkedIn account was been removed. Gokulnath reportedly mentioned that a post made by Byju’s, which called for an investigation into the alleged collusion and fraud involving their lender Glas Trust, the consultancy firm EY, and former resolution professional Pankaj Srivastava, has also been taken down. However, both Byju Raveendran's LinkedIn account and the post have since been restored. Tech Hiring in India: STEM Jobs in Tier 2 and 3 Cities To Rise 15–20% by 2027, Overall Sector Growth Expected at 40–45%.

As per a report of Financial Express, the global consultancy firm EY has been accused of engaging in improper advisory practices during the insolvency proceedings of Byju’s. Glas Trust, the firm representing Byju’s lenders, is reportedly involved in the situation, although Raveendran claims that it does not represent all creditors. Additionally, Pankaj Srivastava, the former resolution professional appointed by the NCLT, is alleged to have acted against the interests of Byju’s.

(The above story first appeared on LatestLY on Mar 03, 2025 12:58 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).