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Documents filed in the Delaware Bankruptcy Court in the US on Saturday, November 15, revealed that almost USD 500 million of the Alpha Funds were allegedly round-tripped back to Byju Raveendran, co-founder of Think and Learn Pvt Ltd, and associates, including Rupin Banker. The revelation came as part of a proposed settlement between Byju’s Alpha and OCI, the London-based firm Banker had worked with during the alleged siphoning of funds.

The settlement between the two comes after Byju’s Alpha Inc. had first filed a case against OCI Limited and Rupin Banker on May 5, 2025. Alpha is a special-purpose financial vehicle that took out a USD 1.2 billion term loan in November 2021 from a US-based consortium of 37 lenders, represented by GLA

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