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Byju Raveendran took to X to announce that he has filed a first investigation report (FIR) against Pankaj Srivastava, the former resolution professional (RP) of Think & Learn, Glas Trust along with few EY employees. Sharing a photo of the FIR filed in the X post, Raveendran wrote “FIR filed against those involved in a criminal conspiracy against BYJU’S: Pankaj, the RP who illegally handed over the insolvency process to Dinkar, Rahul & Lokesh from EY who are the agents of GLAS, a collective of crooks.” The FIR comes days after a whistleblower from EY India recently alleged that the firm collaborated with Glas Trust, which was appointed by Srivastava to assist in managing the insolvency proceedings.
“I am not a flower; I am the fire that will shatter GLAS,” Raveendran further added in the post.
In another post, the Byju’s founder tagged EY Chairman Rajiv Memani, asking “Is this fraud INDIVIDUAL or INSTITUTIONAL @Rajivmemani?”
“If it’s the former, you must suspend the culprits now. There are tons of proof that I will share. There are burning questions you must answer. It’s the least you can do to help the EY Entrepreneur of the Year 2018 & 2020,” he wrote, sharing a photo of himself from a past event winning the award.
Byju’s financial issues began after the company failed to repay a $1.2 billion Term Loan B. A group of lenders, represented by Glas Trust, approached the National Company Law Tribunal (NCLT) in India to recover Rs 11,432 crore. In June 2024, the NCLT ruled in favour of the lenders, giving them control over Byju’s financial decisions.
Raveendran and his team contested the decision, stating that the lenders had not considered a separate Rs 158 crore dispute with the Board of Control for Cricket in India (BCCI).
On February 27, 2025, a LinkedIn post by a whistleblower from EY claimed that the firm had supported Glas Trust and acted against Byju’s interests. Raveendran referred to the post as evidence and alleged that EY worked with Glas Trust and Srivastava to influence Byju’s insolvency proceedings, made decisions that supported the lenders over the company’s restructuring, and had access to a document suggesting criminal misconduct, which was shared with certain employees.
Last week, Raveendran posted a viral photo with the caption “Broke, not broken,” signaling hopes to revive the troubled edtech firm amid insolvency and financial struggles.
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