Byju Raveendran revealed that a First Investigation Report (FIR) has been filed in connection with an alleged criminal conspiracy involving the troubled edtech company BYJU's.
Rajendran Vellapalath, a former BYJU'S associate, filed a case against the company's Interim Resolution Professional (IRP) Pankaj Srivastava, GLAS Trust (BYJU's American lenders), and two EY (Ernst & Young) partners.
The complaint claimed that IRP Pankaj Srivastava failed to do his duty effectively. Srivastava, together with Dinkar Venkatasubramanian, Rahul Agarwal, Lokesh Gupta, and the GLAS Trust, are accused of misleading the court by giving false information, ZEE Business reports.
"FIR filed against those involved in a criminal conspiracy against BYJU's: Pankaj, the RP who illegally handed over the insolvency process to Dinkar, Rahul & Lokesh from EY who are the agents of GLAS, a collective of crooks,” Raveendran announced on his X (formerly known as Twitter) account.
He further declared, “I am not a flower; I am the fire that will shatter GLAS,” quoting the iconic Tollywood one-liner.
Previously, Raveendran levelled severe allegations against global consultancy EY, accusing the firm of collaborating with the company's lenders and a court-appointed authority to undermine its recovery attempts.
BYJU'S financial woes began after the company defaulted on a 1.2 billion-dollar term loan. A group of lenders, represented by GLAS Trust, petitioned India's National Company Law Tribunal (NCLT) for Rs 11,432 crore. In June 2024, the tribunal decided in favour of the lenders, granting them power over BYJU'S financial decisions.
Raveendran and his team challenged the verdict, claiming that the lenders had neglected a separate Rs 158 crore issue with the Board of Control for Cricket in India (BCCI).
In February 2025, a LinkedIn post from an EY whistleblower surfaced, accusing the firm of acting against BYJU'S interests during the insolvency proceedings. The whistleblower stated that EY collaborated with GLAS Trust and Srivastava to influence choices that favoured lenders over a fair restructuring.