Byju Raveendran, founder of India’s prominent education platform Byju’s, denied allegations of orchestrating a $533 million fraudulent transfer, stating that the funds were used for legitimate business purposes, primarily for the company’s international expansion.

The dispute arose after lenders claimed the funds were concealed through deceptive practices. In a U.S. Bankruptcy Court filing on Wednesday, Raveendran explained that the $533 million, part of a $1.2 billion loan obtained nearly three years ago, was allocated to strategic investments, including marketing efforts like sponsoring the 2022 FIFA World Cup and securing Lionel Messi as a brand ambassador. Additionally, around $300 million was used to fund losses for Tangible Play, a subsidiary of Byju’s.

Lenders, represented by Glas Trust Company, argue that the funds were improperly moved offshore to entities linked to Raveendran, his brother, and a hedge fund in Miami. If the court sides with the lenders, Byju and the associated parties may be required to repay the amount.

Byju’s, once a high-flying ed-tech firm, has been navigating financial challenges and is now facing scrutiny over its financial dealings as it tries to resolve the dispute.