ED at Byju’s CEO Raveendran offices, over FEMA violation
On Saturday, the Enforcement Directorate conducted a search at three locations belonging to Byju’s CEO Raveendran, and the founder of Think and Learn Private Ltd. This company operates an educational technology platform named Byju’s.
The probe agency conducted searches under the Foreign Exchange Management Act (FEMA), seizing incriminating documents and digital data.
The agency discovered that the company received foreign direct investment (FDI) amounting to ₹28,000 crore from 2011 to 2023. During the same period, approximately ₹9,754 crores were remitted to foreign jurisdictions in the name of overseas direct investment.
According to ED, Think & Learn, Private Limited recorded approximately ₹944 crores as advertising and marketing expenses, including funds sent to foreign jurisdictions. However, the company has not created financial statements or had their accounts audited since the 2020-2021 fiscal year.
The agency mentioned that the banks are cross-examining the company’s figures to verify their authenticity.
An investigation was launched into the platform based on multiple complaints from private individuals. The ED conducted an investigation and issued summonses to Byju’s CEO Raveendran, who did not cooperate and failed to appear during the investigation.
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