Byju: In conjunction with a complaint filed under the terms of the Foreign Exchange Management Act (FEMA) against Raveendaran Byju and his company “Think & Learn Private Limited,” the Enforcement Directorate (ED) conducted searches and seizures at three locations in Bengaluru, Karnataka. Byju’s, a well-known online learning platform, is administered by the corporation. Officials reported that numerous incriminating documents and digital material were confiscated during the search and seizure operation.
The corporation has not produced its financial statements since fiscal years 2020–2021
‘FEMA inquiries also showed that the company had taken approximately $28,000 crore in foreign direct investment between 2011 and 2023. Additionally, the company transferred Rs. 9754 crore in the name of overseas direct investment to various foreign jurisdictions during the same period,’ according to the agency. Officials report that the corporation has recorded over Rs 944 crore in advertising and marketing costs, including the sum sent to a foreign jurisdiction. According to reports, the corporation has not produced its financial statements since fiscal years 2020–2021 and has not had the accounts audited, as is required.
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Byju’s legal team released a statement and referred to them as ‘regular inquiries under FEMA‘
Several complaints from different private individuals led to the opening of an investigation into the platform. The founder and CEO of the company, Raveendaran Byju, was summoned multiple times during the ED inquiry, but he always remained evasive and never showed up. After the searches by ED, a representative for Byju’s legal team released a statement and referred to them as “regular inquiries under FEMA.” “We are hopeful that this issue will be resolved in a fast and satisfactory manner, and we will continue to work closely with the authorities to make sure they have all the information they want. We wish to emphasise that at BYJU’S, everything is as usual. We are dedicated to providing our clients all over India and the world with top-notch educational goods and services. We are still committed to changing how students learn and get ready for the future, the spokesperson of Byju’s said.
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