ED raids BYJU’s: The Enforcement Directorate (ED) has performed search and seizure operation right this moment (April 29) at three premises of Raveendaran Byju and his firm ‘Think & Learn Private Limited’ in Bengaluru below the provisions of Foreign Exchange Management Act (FEMA), an official mentioned on Saturday.
The firm runs a well-liked on-line training portal by the title of Byju’s. During the searches, numerous incriminating paperwork and digital knowledge had been seized.
“FEMA searches also revealed that the company has received foreign direct investment to the tune of Rs 28,000 crore between 2011 and 2023. Further, the company has also remitted Rs 9754 crore to various foreign jurisdictions during the same period in the name of overseas direct investment,” mentioned the official.
According to the ED, the corporate has booked round Rs 944 crore in the title of commercial and advertising and marketing bills, together with the quantity remitted to overseas jurisdiction. It alleged that firm has not ready its monetary statements since monetary 12 months 2020-21 and has not received the accounts audited which is obligatory.
“Hence, the genuineness of the figures provided by the company are being cross examined from the banks. Investigation against the platform was initiated on the basis of various complaints received from various private persons. During investigation conducted by the probe agency, several summons were issued to the founder and CEO Raveendaran Byju. However, he always remained evasive and never appeared during the investigation,” mentioned the official.
Further investigation into the matter is on.
