Mumbai, Sept. 23 -- The Economic Offences Wing (EOW) of the Mumbai Police recently filed a cheating case against Think and Learn Private Limited which is the parent company of the edtech brand, Byju's, the company's founder Byju Raveendran, and other directors. The case has been registered on a complaint filed by Aditya Birla Capital claiming it has been cheated of Rs.24.99 crore. The complaint has been registered by the Vanrai police at Goregaon where Byju's conducted classes for a host of entrance exams including IIT-JEE, NEET, UPSC. Many of the students taking these classes have taken educational loans from various finance companies. The police told HT that Think and Learn had approached Aditya Birla Capital to sanction loans to certain students who took their classes. "In October 2020, the companies entered into a business agreement and as per the agreement if any student required a loan, they could apply on an application designed by Think and Learn, and if the student did not like the class, they could cancel their admission within 14 days. Think and Learn, in turn, would return the loan amount taken by the student who opted out to, the finance company as per an amendment agreement of 2023," said the police officer. From October 28, 2022, to March 31, 2023, around 88,500 students took loans worth Rs.526 crore from Aditya Birla Capital. At the time of the filing of the complaint, 12,531 students had not repaid the money leaving outstanding dues of Rs.47 crores. Aditya Birla Capital officials told the police that when they tried to recover the loans, several people told the company that they had cancelled admission within the 14 days period and returned the money to Byju's. Byju's had failed to transfer the returned loan amount to the finance company....