The Enforcement Directorate (ED) conducted search operations under the Foreign Exchange Management Act, 1999 (FEMA), on Saturday at three premises of Byju Raveendran and his company Think & Learn Private Limited, the agency announced on Saturday.
“During the search, various incriminating documents and digital data was seized,” the ED said in a statement.
FEMA searches found that Byju’s has received foreign direct investment (FDI) to the tune of Rs 28,000 crore during the period from 2011 to 2023. As per ED statement quoted by media, Byju’s has also remitted about Rs 9,754 crore to various foreign jurisdictions during the same period in the name of overseas direct investment.
“The recent visit by officials from the Enforcement Directorate (ED) in Bangalore was related to a routine inquiry under FEMA,” said a Byju’s legal team spokesperson. “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.”
“During the investigation conducted by the ED, several summonses were issued to Raveendran, however, he always remained evasive and never appeared during the investigation,” claims ED.
Byju’s has been in the spotlight for various reasons including mass layoffs, cut in valuation by its own investor, media scrutiny on its hard sales tactics, among others.