Dubai [UAE]: Byju Raveendran, founder and CEO of ed-tech firm BYJU’S, has vehemently denied allegations of being a “fugitive,” calling it part of a “fake narrative” driven by malicious media campaigns and vested interests. In an exclusive interview with media, Raveendran said these narratives were engineered by US-based lenders attempting to seize control of the once high-flying Indian startup.
🗣️ “Tarnishing the Founder Damages the Company”
“These are narratives created to take control of the company… Tarnishing the founder’s name has a huge impact on the company’s valuation,”
— Byju Raveendran, CEO, BYJU’S
Raveendran accused what he termed “vulture lenders” of orchestrating a reputational attack that damaged all stakeholders — investors, employees, and the brand itself. He stated that the lenders overplayed their hand, leading to a significant downfall in the company’s fortunes.
📉 From $22 Billion to Crisis: A Startup in Freefall
BYJU’S, once valued at $22 billion, has faced a series of legal battles, regulatory scrutiny, and financial instability. Amid mounting criticism, investor disputes, and mass layoffs, the founder has remained at the forefront, promising a turnaround and a clean-up.
🕵️ ED Inquiry: “Nothing Personal”
Raveendran acknowledged the Enforcement Directorate (ED) probe into the company’s foreign transactions but said it was focused solely on corporate matters, not him personally.
“The ED enquiry was around the company… There was never a PMLA case or chargesheet. I have cooperated fully with all summons.”
He also dismissed reports of lookout notices, clarifying that he has traveled to India multiple times during the course of the investigation and that ED never officially publicizes such notices, as doing so would “defeat the purpose.”
📰 “Fugitive” Label is Media Invention, Says Raveendran
“This ‘fugitive’ label was never used in any official filings. It’s just been repeated verbally in the media.”
Raveendran asserted that there is no mention of the term “fugitive” in court filings, affidavits, or any other official documentation, and labelled the portrayal as “part of a malicious campaign” designed to create prejudice against him in Indian courts.
He reiterated that all the company’s operations, tax payments, and investments were rooted in India.
“Our entire wealth was created in India, taxed in India, and reinvested in India. We have nothing to hide.”
🔍 Current Status and Outlook
While the company remains under intense scrutiny, Raveendran said the ED investigation is now in the adjudication stage. Despite the turbulence, he reaffirmed his commitment to rebuilding BYJU’S and steering it back to stability.