The Enforcement Directorate searched the offices and residence of Bengaluru-based ed-tech firm BYJU’s CEO Byju Raveendran today for alleged violations of foreign funding laws. The investigation agency searched two commercial and one residential premises in Bengaluru in connection with a case against Raveendran and his company ‘Think and Learn Pvt Ltd’ under the provisions of the Foreign Exchange Management Act (FEMA).Several incriminating documents and data were seized during the searches, according to the ED. Byju’s responded minutes after the probe agency’s disclosure, claiming the searches were part of a routine FEMA investigation.
BYJU’S responded by saying that we were completely transparent with the authorities and gave them all of the information they requested. According to the company, we have complete confidence in the integrity of our operations and are committed to upholding the highest standards of compliance and ethics. According to FEMA’s findings, the company received foreign direct investment worth Rs 28,000 crore (approx) between 2011 and 2023, according to a media release from the investigation agency. During the same time period, the company sent approximately Rs 9,754 crore to various foreign entities in the name of foreign direct investment.
ED claimed that the action was taken as a result of “various complaints” made by private individuals and claimed that Raveendran Biju had received “several” summonses from the ED but had never shown up. The company hasn’t completed its financial statements for the fiscal years 2020–21, according to the ED, and hasn’t had the accounts audited, which is required.
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