A total of three premises, two commercial and one residential, of Byju and its CEO were recently raided under FEMA provisions.
ED says Raveendran Byju received ‘several’ summonses but remained ‘evasive and never appeared’ before him
The Law Enforcement (ED) Directorate said on Saturday that it had 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. Investigating Exchange Violations. Following this, the agency said it seized “incriminating” documents and digital data.
Also Read: ‘As Usual,’ Byju Says of ED’s Search and Seizure of His Offices and Residences
A total of three premises, two commercial and one residential, were raided recently under the provisions of the Foreign Exchange Management Act (FEMA), the ED said in a statement on Saturday.
He added that the action was taken on the basis of “various complaints” received by individuals and alleged that Raveendran Byju received “several” summonses but remained “evasive and never appeared” before the ED.
ED said 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. “The company has not prepared its financial statements since the 2020-21 financial year and does not have the audited accounts which are mandatory. Therefore, the authenticity of the figures provided by the company is cross-examined by the banks. “
“Further investigation is ongoing,” the agency said.
What Byju says
In response to the searches, a spokesperson for Byju said it was a “routine investigation under FEMA” and “business as usual”. Byju’s said he will continue to work closely with authorities to ensure they have all the information they need.
He 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.
(With agency contributions)
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