The Enforcement Directorate conducted searches on Saturday at the three homes of Byju’s Raveendran the founder, and CEO of ‘Think and Learn Private Ltd,’ which operates BYJU’s ed-tech platform.
The investigation agency conducted searches following the provisions of the Foreign Exchange Management Act (FEMA), seizing various incriminating documents and digital data.
According to the investigation agency, the company received 28,000 crore in foreign direct investment (FDI) between 2011 and 2023. During the same period, it remitted approximately 9,754 crores to various foreign jurisdictions in the name of overseas direct investment.
According to the ED, Think & Learn Private Limited booked approximately 944 crores in advertising and marketing expenses, including money remitted to foreign jurisdictions. However, since the fiscal year 2020-21, the company has not prepared its financial statements and has not had the accounts audited.
As a result, the authenticity of the figures provided by the company is being cross-checked with the banks, according to the agency.
The investigation into the platform was launched in response to various complaints received from various private individuals. Several summonses were issued to Byju’s Raveendran during the ED investigation, but he always remained evasive and never appeared in court.
In response to the searches, a spokesperson for the Byju’s legal team said, “The recent visit by officials from the Enforcement Directorate (ED) in Bangalore was related to a routine inquiry under FEMA.”
“We have dealt with the authorities in a completely open and transparent manner, and we have given them all the information they have asked for. We are dedicated to upholding the highest standards of compliance and ethics and have complete faith in the integrity of our business operations. We are confident that this issue will be resolved promptly and satisfactorily, and we will keep collaborating closely with the authorities to make sure they have all the information they require.
“We want to emphasize that operations at BYJU’S are unaffected. The spokesperson continued, “We are dedicated to providing our customers in India and around the world with high-quality educational products and services.
