ED searches Byju's CEO Raveendran's office, residence in Bengaluru over FEMA violations

Lookout notice issued again by ED for FEMA investigation

Do you agree with these raid? Instead of buying foreign xyz firm at inflated valuation he should have invested in domestic startup ecosystem? Comments??

[2011- 2021] Employees at 22b $ valuation: upto 10K [2022 - 2024] Between this period byjus employees count went upto 50k and within a year came down back to original. [2024] Employees at 3b $ valuation: 12k So what went wrong in 2022 and 2023 ? The Answer to this is CORPORATE MAFIA You can identify them from their operation 1) At first couple of the members of the mafia will join any organisation as a leader. 2) Initially they will build good relationships with leadership and set imaginary sweet goals for organisational growth and sell lies. 3) They lay off / underpay existing loyal employees 4) Finally they replace existing employees with their ex- colleagues and friends who were comparatively less productive but more expensive. 5) They will take all the growth opportunities and share among themselves. 6) At the end the organisation cost increases but the actual goal is still far enough to be achieved ever.

With ED issuing lookout notice for the founder, is this how Byju's will go down?? Things have not been looking up for the decacorn startup since last year, but with rights issue being fully subscribed, there was hope that things might take a turn for the better. With EGM this Friday to ouster the CEO and his family from board and ED lookout notice just prior to it, is this the end of the road for the maverick founder??

- Byju's auditor BDO (MSKA & Associates) has resigned, citing lack of transparency and pending legal issues. - The resignation letter highlighted inadequate support from Byju's management in providing necessary audit information. - Byju's co-founder Byju Raveendran called the resignation a blackmail tactic, claiming compliance with all auditor requests. - BDO requested a forensic audit after Byju's admitted insolvency in July and mentioned loss of control over some subsidiaries. - This marks the second auditor resignation in 15 months, following Deloitte's exit last year over delayed financial statements. Source: [Entrackr](https://entrackr.com/2024/09/byjus-auditor-resigns-over-lack-of-transparency-founder-cries-foul/)

Absolutely crazy stuff. To summarize what I read: 1) Byju's apparently transferred $533Mn to Camshaft Capital - a random hedge fund in Miami that was started by a 23 year old, with barely any investing experience. 2) This hedge fund is run out of a building that has an iHOP (yes the food chain). When asked about the whereabouts, nobody even recognizes if the fund actually exists there 3) This fund typically accepts only upto $50Mn. How come Byju's transferred $533Mn to them? 4) 2023 Ferrari Roma, a 2020 Lamborghini Huracán EVO, and a 2014 Rolls-Royce Wraith -> All registered on this fund's papers 5) Now, Byju's lenders have filed a case against Camshaft in the US. Link to original article: https://www.bloomberg.com/news/articles/2023-09-12/byju-s-hid-533-million-in-hedge-fund-camshaft-run-from-miami-ihop-lenders-say#xj4y7vzkg

What is even happening there? As per newspaper article from today https://www.thehindubusinessline.com/companies/byjus-hasnt-paid-pf-money-for-months-show-epfo-data/article67008329.ece/amp/

1.EGM meeting starts at 9 am 2.Allegedly Byju/pro Byju supporter leaked the zoom call meeting. 3.Random folks joined the meeting. 4.Whistles, hooting and sharp noises for next 45 mins. 5.Participants are asked to leave: They bombard chat with “we want byjus sir”, “byju is the heart of the company” 6.Meeting gets called off 7. 4 key investors file a suit at NCLT at 1 pm