The lenders allege that BYJU'S Alpha, a group firm, secured USD 1.2 billion in a loan and improperly moved USD 500 million out of the US, violating loan terms
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Meanwhile, global investment giant Prosus has written off the value of its shareholding in Byju's, recording a loss of USD 493 million
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HSBC's latest note revealed that the ongoing cash crunch and multiple legal cases have rendered this investment worthless. Previously, HSBC had valued Prosus' stake by applying an 80 per cent discount to Byju's latest publicly disclosed valuation
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