BYJU founder hit with default
A US bankruptcy court has ordered the head of a major edtech group to repay about $1.16 billion to its affiliate and a US lender after determining he repeatedly ignored discovery orders. The ruling, issued on November 20, stems from litigation over a large term loan whose lenders alleged that more than $500 million was improperly moved out of the US through an affiliated entity. The court found the executive in contempt, noting unpaid daily sanctions and what it described as a deliberate pattern of withholding information. It rejected arguments that relevant documents were already accessible through corporate records. The judgment also requires a full accounting of funds and related transactions. The executive’s legal team called the order a default judgment that denied him the chance to present a defence and said they will appeal, claiming the funds in question were used for the company’s operations rather than personal gain.
Bengaluru ATM heist cracked
Three individuals, including a police constable, have been arrested in connection with a `7.11 crore robbery in the city, officials said. The heist occurred on November 19 when a gang posing as central bank officials intercepted an ATM cash van operated by a private cash-handling company. The criminals forced staff into their vehicle and fled with the cash, later dropping the employees at a separate location. A massive manhunt involving over 200 personnel and eleven police teams was launched, leading to the identification and detention of the suspects within 54 hours. So far, `5.76 crore has been recovered, and the vehicle used in the robbery was seized. Police stated the gang had planned the heist for three months, targeting a route without CCTV coverage. Investigations indicate a larger group of six to eight members, with arrests focused on the execution and transportation stages of the crime.
