A US bankruptcy court ordered Byju Raveendran, founder of edtech giant Byju’s, to pay more than $1 billion after he defaulted by failing to comply with court directives in a case involving the alleged diversion of funds.

The ruling arose from ongoing legal proceedings initiated by lenders, who accused Raveendran and Byju’s Alpha of mishandling $533 million from a $1.2 billion loan. Moreover, the court described the order as “extraordinary,” citing the unique circumstances of the case, and directed Raveendran to provide a full accounting of the transferred funds.

Byju’s Alpha, the entity at the centre of the allegations, faced scrutiny over claims that $533 million moved through OCI Limited in a round-tripping scheme. In a sworn declaration, OCI founder Oliver Chapman alleged that Raveend

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