In a shocking revelation, Indian edtech giant Byju's is accused of stashing $533 million in Camshaft Capital Fund, a relatively obscure hedge fund that once listed its primary business address at an IHOP in Miami. Putting the money at IHOP was brought to light by lenders attempting to recover the money.
According to the lenders' lawsuit, Byju's reportedly transferred over $500 million last year to Camshaft Capital Fund, an investment entity set up by William C. Morton at age 23. Morton's fund received the money even though he allegedly lacked formal investment training. After the transfer, Morton reportedly added several luxury cars to his portfolio, including a 2023 Ferrari Roma, a 2020 Lamborghini Huracán EVO and a 2014 Rolls-Royce Wraith, according to court documents.
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This startling development adds to ...