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Controversy’s favorite child, Indian edtech giant Byju’s, is under fire for allegedly duping lenders by hiding millions in a Miami pancake shop. According to a Bloomberg report, Byju’s US subsidiary, Alpha Inc., transferred over $533 million (Rs 4400 crore) to a relatively unknown hedge fund, Camshaft Capital, that is merely three years old.

Per the lender’s claim, the fund’s main location is an IHOP restaurant (an American multinational pancake house) in Miami. As per the lender’s lawsuit, the firm was established by William C. Morton when he was merely 23 years old. He is accused of lacking formal investment training amid significant fund transfers to his account. Following the funds transfer, the court documents revealed several luxury vehicles registered under Morton’s name, including a 2014 Rolls Royce Wraith, a 2020 Lamborghini Huracan EVO, and a 2023 Ferrari Roma. Lenders believe that Byju’s made efforts to conceal the destination of the $533 million borrowed.

#Byjus allegedly hid $533 million in hedge fund that was run from an IHOP pancake restaurant in Miami, according to lenders.

— BQ Prime (@bqprime) September 13, 2023

Meanwhile, Byju’s has denied all the allegations leveled against the company. The edtech stated that the transaction was fully compliant with credit agreements with lenders and did not prescribe or limit the fund’s movement or investment.

The crisis-ridden company has seen many high profile exits even as the wave of criticism grows more intense, with voices urging the government to step in and regulate edtech. Amid all the chaos, Mohandas Pai has joined the company’s advisory council. He agreed to help out when co-founder Divya Gokulnath called him.

What led Mohandas Pai to join the BYJU’S advisory council?@TVMohandasPai discusses the setbacks at @BYJUS and his subsequent role as a member of the advisory council, in conversation with @SharmaShradha.

Full interview releasing soon! ⚡️

— YourStory (@YourStoryCo) September 5, 2023

See Also: All Byju’s Scoop Here

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