Byju in Bengaluru Raid By ED: The Enforcement Directorate on Saturday carried out searched at 3 premises of Byju Raveendran, the pioneer, and CEO of ‘Think and Learn Private Ltd’ which runs ed-tech stage under the name of Byju’s.
In connection with a case brought against Raveendaran Byju and his company “Think & Learn Private Limited” under the Foreign Exchange Management Act (FEMA), the Enforcement Directorate (ED) has searched and seized items from three locations in Bengaluru, Karnataka.
ED has conducted searches at 3 premises in Bengaluru in the case of Raveendaran Byju and his company ‘Think & Learn Private Limited’ (Byju online learning platform) under the provisions of FEMA. During the search, various incriminating documents and digital data was seized.
— ED (@dir_ed) April 29, 2023
Byju’s, a well-known online education portal, is operated by the company. According to officials, a variety of incriminating documents and digital data were seized during the search and seizure operation.
In accordance with the Foreign Exchange Management Act (FEMA), the investigation agency conducted searches and seized a variety of incriminating documents and digital data.
Between 2011 and 2023, the company received FDI in the amount of 28,000 crore, according to the investigation agency. It dispatched roughly ₹9,754 crore to different unfamiliar purviews during a similar period for the sake of abroad direct venture.
According to ED, Think & Learn Private Limited had budgeted approximately 944 crore for advertising and marketing costs, which included money sent to foreign countries. However, the company has not audited its accounts and has not prepared its financial statements since fiscal year 2020-21.
Officials say that the company has booked for approximately Rs 944 crore in advertising and marketing costs, including the amount paid to a foreign jurisdiction. It is alleged that the business has not produced its financial statements since fiscal year 2020-21 and has not had its accounts audited, which is required.