The ED 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 overseas change violation probe. (File Photo)
A complete of three premises, two enterprise and one residential, associated to Byju’s have been raided by ED beneath FEMA; Byju’s says it’s a “routine inquiry under FEMA” and a “business as usual”
After the ED’s searches and seizures on Byju’s CEO Raveendran Byju residence and places of work wherein it seized “incriminating” documents and data, the company said it is a “routine inquiry under FEMA” and a “enterprise as ordinary”. Byju’s said it will continue to work closely with the authorities to ensure that they have all the information they need.
On Saturday, the Enforcement Directorate (ED) 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” paperwork and digital knowledge.
A complete of three premises, two enterprise and one residential, have been raided just lately beneath the provisions of the Foreign Exchange Management Act (FEMA), the ED stated.
A Byju’s spokesperson stated, “The latest go to by officers from the Enforcement Directorate (ED) in Bangalore was associated to a routine inquiry beneath 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 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 need to emphasise that it’s enterprise as ordinary at BYJU’S. We are dedicated to delivering high-quality academic services to our clients throughout 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.
The ED on Saturday said the searches and seizures action was taken on the basis of “various complaints” acquired 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., acquired overseas 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 overseas jurisdictions throughout the identical interval within the title of abroad direct funding,” 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.
“Further investigation is under progress,” the company stated.
Read all of the Latest Business News, Tax News and Stock Market Updates right here
