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The allegations against the Byju Raveendran-led company were grave: the government launched a probe into accusations that the company "misreported" financial statements and siphoned off funds. In the US, a federal judge ruled that two of Byju's money-making education apps were wrongly transferred away from the company's lenders. The situation was so dire that a US court fined Byju Raveendran a staggering ₹9,000 crore for fraud in a case concerning an ₹11,000 crore loan taken by a Byju's US subsidiary that later defaulted. The founder, however, vehemently denied the fraud allegations, stating that the accusations were based on "one statement that their representative wrote on a paper napkin and attributed to me". In the US, a federal judge ruled that

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