Byju’s hid $533 million in hedge fund once run from Miami IHOP, lenders allege
Byju’s, allegedly hid $533 million in an obscure three-year-old hedge fund that once said its principal place of business was an IHOP pancake restaurant in Miami, according to lenders trying to recover the cash.
Byju’s last year transferred more than half a billion dollars to Camshaft Capital Fund, the investment firm founded by William C. Morton when he was just 23 years old, some Byju’s lenders claim in a lawsuit. Morton’s fund received the money despite an apparent lack of formal training in investing, according to the lenders. What’s more, luxury cars — a 2023 Ferrari Roma, a 2020 Lamborghini Huracán EVO, and a 2014 Rolls-Royce Wraith — have been registered in Morton’s name since the transfer occurred, according to court papers.
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Offering CollegeCourseWebsiteIIM LucknowIIML Executive Programme in Data ScienceVisitIndian School of BusinessISB Professional Certificate in Digital MarketingVisitIndian School of BusinessISB Digital Marketing and AnalyticsVisitIndian School of BusinessISB Professional Certificate in Product ManagementVisitThe allegations are the latest twist in an increasingly public battle between Byju’s, an India-based education tech firm, and lenders who claim the $533 million is collateral for a $1.2 billion loan. The two sides have been trading accusations about the loan, with lenders claiming it is in default and Byju’s accusing lenders of predatory tactics.
“Byju’s has gone to great lengths to conceal the whereabouts of borrower’s $533 million for the admitted purpose of hindering and delaying” creditors, they argued in Miami-Dade County court filings.
Byju’s, once India’s most valuable startup, is trying to strike a deal with creditors and this
