Bengaluru: The Enforcement Directorate raided the offices of Bengaluru-based leading ed-tech platform Byjus and the residence of CEO Byju Ravindran. The probe was for allegedly violating foreign aid laws. The ED stated that the investigation was conducted in connection with the case against Byju Ravindran and his company ‘Think and Learn Private Limited’ under the Foreign Exchange Management Act (FEMA).
According to ED, several documents and information were seized during the search. However, Byju responded that this is only a natural investigation under FEMA. The company stated that it cooperated with the investigating officers and provided them with the required information.
The action was taken on the basis of various complaints received from private individuals. ED sent several summons to Byju Ravindran but he ignored them. Investigators also said that he did not appear before the ED even once. The company has not prepared its financial statements since the financial year 2020-21. Accounts are not audited.
The raid was under the provisions of FEMA. The company has received foreign direct investment of Rs. 28,000 crore during the period 2011 to 2023. According to the statement released by the ED, the company has remitted around Rs 9,754 crore to various foreign institutions during the same period.
