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Wednesday, July 24, 2024

Byju’s Hedge Fund Partner Can Sidestep Arrest by Complying with Court Inquiry: Report 

A federal judge in the USA has said that they will drop the arrest warrant for a Florida hedge fund manager, but only with a condition. If the hedge fund manager can assist the court in finding out the missing $533 million that edtech firm Byju’s allegedly tried to hide, This was first reported by Bloomberg. 

During a court hearing on Tuesday in Wilmington, Delaware, US Bankruptcy Judge John Dorsey reportedly agreed to cancel an arrest warrant for William C. Morton, the founder of the Camshaft Fund. 

According to court records, Byju’s invested $533 million in loan proceeds with this fund last year. The funds were subsequently transferred to a UK lender and then to an unidentified non-US entity associated with Byju’s. Lenders are attempting to use the bankruptcy case of a Byju’s unit in the US to reclaim the money. 

Recently, lenders of the edtech company said that the US court was all set to impose a penalty on Riju Ravindran, the board member of Byju’s, for failing to disclose or share the location of the term loan that amounts to $533 million. 

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Source: Outlook India

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