The Enforcement Directorate (ED) on Saturday said it has conducted searches and seizures at the Bengaluru-located office and residential premises of edtech major Byju’s CEO Raveendran Byju as part of a foreign exchange violation probe. Following this, the agency said, it has seized “incriminating” documents and digital data.
Also Read: ‘Business As Usual,’ Says Byju’s On ED’s Searches & Seizures At Its Offices, Residences
A total of three premises, two business and one residential, were raided recently under the provisions of the Foreign Exchange Management Act (FEMA), the ED said in a statement on Saturday.
It added that the action was taken on the basis of “various complaints” received by private people and alleged that Raveendran Byju was issued “several” summons but he remained “evasive and never appeared” before the ED.
The ED said the searches found that his company, Think & Learn Pvt. Ltd., received foreign direct investment (FDI) to the tune of about Rs 28,000 crore during 2011-2023.
“The company also remitted about Rs 9,754 crore to various foreign jurisdictions during the same period in the name of overseas direct investment,” the agency said.
It said the company has booked around Rs 944 crore in the name of advertisement and marketing expenses, including the amount remitted to foreign jurisdiction. “The company has not prepared its financial statements since the financial year 2020-21 and has not got the accounts, audited which is mandatory. Hence, the genuineness of the figures provided by the company is being cross-examined from the banks.”
“Further investigation is under progress,” the agency said.
What Byju’s Says
In response to the searches, a Byju’s spokesperson said it is a “routine inquiry under FEMA” and “business as usual”. Byju’s said it will continue to work closely with the authorities to ensure that they have all the information they need.
It 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 we are committed to upholding the highest standards of compliance and ethics. We will continue to work closely with the authorities to ensure that they have all the information they need, and we are confident that this matter will be resolved in a timely and satisfactory manner.”
“We want to emphasise that it is business as usual at BYJU’S. We are committed to delivering high-quality educational products and services to our customers across India and the world,” the company said on Saturday.
It said it remains focused on its mission to transform the way students learn and prepare for their future.
(With Inputs From Agencies)
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