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Lenders have alleged that Byju's hid $533 mn in an obscure three-year-old hedge fund to avoid it being seized to make up for a loan default, but the ed-tech major claimed its agreement with lenders did not explicitly proscribe movement of funds
(Bloomberg) -- One of India’s hottest tech companies, Byju’s, allegedly hid $533 million in an obscure three-year-old hedge fund that once said its principal place of business was an IHOP pancake restaurant in Miami, according to lenders trying to recover the cash.Most Read from BloombergLuxury Cruise Ship Full of Australians Stuck in Greenland ArcticApple’s iPhone 15 Debut Includes Higher Price on Top ModelApple iPhone 15 Event Will Tout Enhanced Camera, Titanium FinishBP CEO Looney Quits Over
Says, ‘As a commercially prudent borrower and like any other large corporate treasury, Byju’s Alpha has made investments in a multi-hundred billion dollar fund with high security fixed income instruments’
Lenders have alleged that Byju's hid $533 million in an obscure three-year-old hedge fund to avoid it being seized to make up for a loan default, but the ed-tech titan claimed its agreement with lenders did not explicitly proscribe movement of funds. Byju's US-based subsidiary Alpha Inc transferred more than half a billion dollars to Camshaft Capital Fund in 2022, Bloomberg reported, citing a lawsuit in US court. The investment firm, founded by William C Morton when he was just 23 years old, received the funds despite an apparent lack of formal training in investment.
Byju’s last year transferred more than half a billion dollars to Camshaft Capital Fund, the investment firm founded by William C. Morton when he was just 23 years old, some Byju’s lenders claim in a lawsuit. Morton’s fund received the money despite an apparent lack of formal training in investing, according to the lenders.