In addition, the report states that ED has seized numerous incriminating documents and digital data.
The Enforcement Directorate (ED) conducted searches at the office of Byju Raveendran, chief executive officer of the Bengaluru-based ed-tech company BYJU’s, for allegedly violating foreign funding laws.
According to the report, the ED conducted searches of two commercial properties and one residential property in Bengaluru as part of an investigation into allegations made against Raveendran and his company, “Think & Learn Private Limited,” pursuant to the Foreign Exchange Management Act (FEMA).
In addition, the report states that ED has seized numerous incriminating documents and digital data.
From 2011 to 2021, the company reportedly received approximately Rs 28,000 crore in foreign direct investment. Additionally, it has transferred Rs 9,754 crore to numerous foreign nations.
In addition, the organisation incurred approximately Rs 944 crore in marketing and advertising expenses, which included the amount sent to a foreign jurisdiction.
Minutes after the investigation agency’s disclosure, BYJU’s response cited the report and claimed that the inspections were part of a “routine inquiry” by FEMA.
“We have been completely transparent with the authorities and have given them all the requested information.” The report quotes the company as saying, “We have the utmost confidence in the integrity of our operations and are committed to upholding the highest standards of compliance and ethics.”
It was asserted that Raveendran Bjyu was issued “several” summonses, but he was “evasive and never appeared” before the ED, leading to the action being initiated based on “various complaints” from private individuals.