'No Wrongdoing on My Part': Byju Raveendran Pushes Back after Singapore Jail Sentence

Byju Raveendran, founder of the collapsed edtech giant Byju's, hit back on Wednesday after a Singapore court sentenced him to six months in jail for contempt of court, saying the ruling was being misreported and that a settlement with lenders was already near.

"Today's Singapore court matter is a procedural contempt of court order, arising only from disputes over document disclosure in ongoing proceedings — not a finding of fraud, dishonesty, or any wrongdoing on the merits. I have been directed to appear on 15 June and appeal options are available," Raveendran said in a statement.

The court had ruled that Raveendran failed to comply with multiple orders related to his assets since April 2024 and directed him to surrender to authorities, Bloomberg reported. He has also been ordered to pay legal costs of S$90,000 ($70,500) and must submit documents establishing his ownership of Beeaar Investco Pte, a corporate entity that held shares in a related company.

Raveendran said he was "disappointed" at how the matter was being covered. "I am disappointed that the recent Singapore court matter has been pursued and reported in a manner that creates a misleading impression about me, especially at a time when all key parties have almost concluded the settlement discussions," he said.

Settlement 'Agreed in Principle'

A central argument in Raveendran's statement was that a resolution was already within reach. He said lenders including GLAS Trust and QIA, as well as other stakeholders, had been in active discussions with the founders. "A settlement has been agreed in principle, with only a few residual minor issues left to be finalised between certain parties. I have no role in those remaining issues," he said.

He also claimed that as part of those discussions, the parties had acknowledged there was no wrongdoing on his end.

"As part of the settlement discussions, the parties have also acknowledged that there has been no wrongdoing on my part or on the part of the other founders. That is why it is deeply unfortunate that this matter is being used to create a contrary public narrative at this sensitive stage," he added.

'I Chose Resolution Over Confrontation'

Raveendran explained why he had not been actively fighting several court proceedings against him.

"It is important to clarify that I have not been actively contesting several court proceedings in recent months precisely because the parties were working towards a comprehensive settlement. I chose resolution over confrontation," Raveendran said.

He singled out QIA for criticism, saying its decision to keep pressing the matter was an "unnecessary pressure tactic at a sensitive stage of the settlement process."

On the question of the disputed funds, he said, "I have always maintained that I acted in good faith and in the best interests of BYJU'S, its employees, students and stakeholders. I have also placed on record that neither I nor any of the founders personally received any portion of the disputed funds, and that the funds were used for legitimate business purposes."

A Long Fall From the Top

The Singapore ruling is the latest blow for Raveendran, once celebrated as the architect of India's most valuable startup. Byju's, at its peak valued at $22 billion, collapsed over the past two years under mounting debt, governance concerns and regulatory scrutiny, leaving behind unresolved legal disputes across multiple jurisdictions.

Raveendran closed his statement with a firm note. "Even today, my priority is to support a constructive resolution and avoid saying anything that may affect the ongoing settlement process. However, I cannot allow a false and one-sided narrative to go uncontested and I strongly reject any such incorrect portrayal."