The ED has carried out searches and seizures at the offices and residential premises in Bengaluru of the CEO of edtech major Byju, Raveendran Byju, as part of an investigation into exchange violations. (File photo)
A total of three premises, two commercial and one residential, linked to Byju’s were raided by ED under FEMA; Byju’s says it’s a ‘routine investigation under FEMA’ and ‘business as usual’
After ED’s searches and seizures of the residence and offices of Byju CEO Raveendran Byju, in which he seized “incriminating” documents and data, the company said it was a “routine investigation under FEMA” and “business as usual”. Byju said he will continue to work closely with authorities to ensure they have all the information they need.
On Saturday, the Law Enforcement (ED) Directorate said it carried out searches and seizures at the offices and residential premises in Bengaluru of the CEO of edtech major Byju, Raveendran Byju, as part of a investigation of exchange violations. Following this, the agency said it seized “incriminating” documents and digital data.
A total of three premises, two commercial and one residential, were raided recently under the provisions of the Foreign Exchange Management Act (FEMA), ED said.
A spokesperson for Byju said: “The recent visit by officials from the Directorate of Law Enforcement (ED) to Bangalore was related to a routine investigation by FEMA.”
The spokesperson added: ‘We have been completely transparent with the authorities and have provided them with all the information they have requested. We have nothing but the utmost confidence in the integrity of our operations and are committed to the highest standards of compliance and ethics. We will continue to work closely with the authorities to ensure they have all the information they need, and we are confident that this matter will be resolved in a timely and satisfactory manner.”
“We would like to emphasize that business is business as usual at BYJU’S. We are committed to providing high quality educational products and services to our customers across India and the world,” the company said on Saturday.
He said he remains focused on his mission to transform the way students learn and prepare for their future.
The ED said on Saturday that the search and seizure action was taken on the basis of “various complaints” received from private individuals and alleged that Raveendran Byju received “several” summonses but remained “evasive and never appeared” before the ED.
Research revealed that his company, Think & Learn Pvt. Ltd., received foreign direct investment (FDI) of approximately Rs 28,000 crore during the period 2011-2023.
“The company has also remitted around Rs 9,754 crore to various foreign jurisdictions during the same period in the name of overseas direct investment,” the agency said.
He said the company has earmarked about Rs 944 crore in the name of advertising and marketing expenses, including the amount paid to the foreign jurisdiction.
“Further investigation is ongoing,” the agency said.
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