The Enforcement Directorate (ED) has issued a present-trigger discover to Byju’s, alleging Foreign Exchange Management Act (FEMA) violations amounting to Rs 9,000 crore, sources instructed CNBC-TV18.
The discover extends to Byju Raveendran, founding father of Byju’s, and Think and Learn Pvt Ltd. The ED’s motion follows an investigation into potential FEMA contraventions by the outstanding edtech firm.
Meanwhile, Byju’s has denied this. The firm has mentioned in an announcement, “BYJU’S unequivocally denies media reports that insinuate it has received a notice from the Enforcement Department. The company has not received any such communication from the Enforcement Department.”
