ED raids at offices of Byju's over FEMA violations in Bengaluru
The report also states that ED has seized various incriminating documents and digital data as well.
Bengaluru: The Enforcement Directorate (ED) conducted searches at the premises of Byju Raveendran, CEO of Bengaluru-based ed-tech firm BYJU's, for allegedly violating foreign funding laws.
According to the report, the ED searched two commercial properties and one residential property in Bengaluru as part of an investigation into allegations made against Raveendran and his business, "Think & Learn Private Limited," in accordance with the Foreign Exchange Management Act (FEMA).
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The report also states that ED has seized various incriminating documents and digital data as well.Â
According to reports, the company received around Rs 28,000 crore in foreign direct investment from 2011 to 2021. It has also transferred Rs 9,754 crore to numerous overseas countries.
Additionally, the company recorded approximately Rs 944 crore in marketing and advertising costs, including the sum sent to a foreign jurisdiction.
Minutes after the investigation agency's disclosure, BYJU's reacted, citing the report and asserting that the searches were part of a "routine inquiry" under FEMA.
"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," the report quoted the company.
It claimed that Raveendran Bjyu was issued "several" summons, but he was "evasive and never appeared" before the ED, leading to the action being initiated based on "various complaints" made by private individuals.
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