India Says Report That Byju’s Cleared of Fraud Is ‘Incorrect’

India’s Ministry of Corporate Affairs said media reports that Byju’s has been cleared of financial frauds are factually “incorrect and misleading.”

• The proceedings initiated by MCA under the Companies Act, 2013, are still on going and no final conclusion should be drawn in this matter at this stage: statement
• Earlier Bloomberg News reported that a year long probe by the Ministry of Corporate Affairs found no evidence of wrongdoing such as siphoning of funds or manipulation of financial accounts. It discovered governance shortcomings that contributed to the startup’s mounting losses
• NOTE: Probe Finds Byju’s Failed Investors But Didn’t Commit Fraud ...