A complete of three premises, two enterprise and one residential, of Byju’s and its CEO have been raided lately beneath the provisions of the FEMA.
ED says Raveendran Byju was issued ‘a number of’ summons however he remained ‘evasive and by no means appeared’ earlier than it
The Enforcement Directorate (ED) on Saturday stated it has performed searches and seizures on the Bengaluru-located workplace and residential premises of edtech main Byju’s CEO Raveendran Byju as a part of a international change violation probe. Following this, the company stated it has seized “incriminating” documents and digital data.
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” obtained by personal folks and alleged that Raveendran Byju was issued “a number of” summons but he remained “evasive and never appeared” earlier than the ED.
The searches discovered that his firm, Think & Learn Pvt. Ltd., obtained international direct funding (FDI) to the tune of about Rs 28,000 crore throughout 2011-2023.
“The firm additionally remitted about Rs 9,754 crore to numerous international jurisdictions throughout the identical interval within the identify of abroad direct funding,” the company stated.
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.”
(With Inputs From Agencies)
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