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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.
Byjus statement was in response to a Bloomberg report that said the Bengaluru-based firms lenders had alleged that the edtech company hid $533 million in an obscure three-year-old hedge fund, operating from a pancake restaurant in Miami.
Indian ed-tech company Byju's has been accused of hiding $533 million in a hedge fund founded by William C. Morton, who allegedly had no formal training in investing. The fund, Camshaft Capital Fund, listed its principal business address as an IHOP pancake restaurant in Miami, according to court papers.
Our Credit Agreement with the lenders does not prohibit or restrict the movement or investment of monies disbursed thereunder. There is no requirement for Byju's to maintain cash as collateral, says a company spokesperson
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.