Exposing
India's Biggest
Corporate Scam

EVIDENCE #1

January 2024 – Six months before insolvency proceedings

GLAS Trust's Section 7 application to NCLT explicitly named Dinkar Venkatasubramanian from EY India as their proposed Resolution Professional half a year before Byju's entered insolvency. This smoking gun proves the takeover attempt was meticulously planned well in advance, with EY positioned as GLAS's inside operator.

Evidence #2

July 16-18, 2024 - Immediately after insolvency admission

In his sworn statement to IBBI, Srivastava confesses: "I was pressurized by Mr. Lokesh Gupta to send proposal mail to Mr. Dinakaran of EY IPE... They further insisted if I did not cooperate for appointing EY as IPE, they shall malign my image as an Insolvency Professional." This admission confirms the coercive tactics used to compromise India's insolvency system from day one.

Evidence #3

July 20, 2024

EY submitted an official disclosure to the IRP claiming "NIL" prior relationships with either Byju's or GLAS – a blatant falsehood. EY's own Twitter account from April 7, 2021, contradicts this: "EY has successfully advised BYJU'S in its strategic partnership with Aakash Educational Services Limited." The whistleblower further confirms EY had been working with GLAS since November 2022. This deliberate misrepresentation constitutes fraud in a judicial process.

Evidence #4

July 23, 2024

Emails show Srivastava sharing the login credentials for ip.byjus@outlook.com with three EY employees: Lokesh Gupta, Rahul Agarwal, and Renu Kochar. The IRP admits: "I had to copy Mr. Dinakaran in the email sent to the Committee of Creditors for the 1st CoC Meeting on 21/08/2024, which I understand is a confidential document, but I had to succumb to the demands of Mr. Lokesh Gupta." This unauthorized access allowed GLAS, through EY, to control the entire claims verification process.

Evidence #5

July 25, 2024

Documentation shows how EY orchestrated the appointment of both legal teams representing the IRP. First Pooja Mahajan, then Abhishek Anand – who the IRP later discovered "was the counsel of Mr. Shailendra Ajmera who is the partner of the EY IPE and presently appointed as the Resolution Professional of instant Corporate Debtor." This created a closed loop of influence entirely controlled by EY and GLAS.

Evidence #6

July-August 2024

The IRP confesses: "At several instances, Ms. Pooja Mahajan the Counsel for the RP, circumvented the instructions of RP and acted upon the instructions of the EY IPE against the upkeep of the professional ethics and breach of engagement terms." Email evidence shows Rahul Agarwal from EY instructing lawyers without the IRP's knowledge or approval.

Evidence #7

GLAS Directed IRP Through EY Chain of Command

Multiple Dates, July-August 2024

The whistleblower reveals: "It was GLAS (in the guise of EY through Dinkar) instructing, and commanding the IRP on what to do!" The IRP himself confirms: "I was constantly receiving several unwarranted directions and communications from GLAS (who then had no locus standi in the matter to issue instructions to IRP) and through their counsels Khaitan & Co, Kirkland & Ellis supported by EY team."

Evidence #8

Deliberate Sabotage of BCCI Settlement

August 2-16, 2024

Despite Byju's settling its full ₹158 crore debt to BCCI by July 31, 2024, and BCCI submitting Form FA for withdrawal on August 16, the settlement was intentionally stalled. The IRP now admits: "Non-filing of withdrawal application of BCCI settlement was upon the insistence of Mr. Abhishek Anand, the then RP Counsel backed up by EY IPE." This deliberate derailment kept Byju's in insolvency when it should have been released.

Evidence #9

August 21, 2024

An email mistakenly copied to Dinkar revealed his continued involvement in CoC formation. The whistleblower quotes Dinkar: "If we add ICICI to the committee, it will look really credible." The IRP's statement to IBBI confirms: "EYIPE deputes about 5-7 persons from their various outstation location to come to Undersigned's office around 12.00 PM and started the work of drafting the IA for constitution of CoC."

Evidence #10

August 26-27, 2024

Documentation shows ICICI Bank, artificially included in the CoC, stating they had "nil claim" against Byju's. The IRP confirms: "ICICI Bank had filed a nil claim besides incomplete information for substantiation of claims." This manipulation exposed the sham nature of the hastily formed CoC designed to benefit GLAS.

Evidence #11

GLAS Effectively Verifying Its Own Claims

July-August 2024

With EY controlling the IRP email account, the whistleblower states: "It was Dinkar indeed who admitted GLAS in the Committee of Creditors (CoC). Basically, it was GLAS admitting GLAS into the CoC." The IRP confirms EY's control: "Draft of notices were kept ready to be issued to such parties of whom undersigned would have taken much longer to understand were presented with an instruction to be sent out."

Evidence #12

EY's Tactical Replacement When Exposed

February 2025

When the scheme faced scrutiny, EY resigned but orchestrated the appointment of Shailendra Ajmera – another partner from the same EY team. The IRP confirms: "Mr. Abhishek Anand presently is and during the CIRP of M/s Think & Learn Pvt Ltd. was the counsel of Mr. Shailendra Ajmera who is the partner of the EY IPE and presently appointed as the Resolution Professional of instant Corporate Debtor."