The lenders have further accused the edtech of investing the money in a hedge fund called Camshaft Capital Fund, started by one William C Morton, who apparently had no formal training in investing.
Since the fund transfer, luxury cars—a 2023 Ferrari Roma, a 2020 Lamborghini Huracán EVO, and a 2014 Rolls-Royce Wraith—have been registered in Morton’s name, according to court papers cited in the report.
Earlier in the week, Bloomberg had also reported that Byju’s had made a surprise repayment proposal to lenders, in which the firm has offered to pay back its entire $1.2 billion term loan in less than six months. For nearly a year, Byju’s and its lenders have made headlines for disagreements and failed negotiations concerning the TLB.