ED raid at Byju’s CEO Raveendran's home offices over alleged FEMA violations
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Bengaluru: In connection with violations of the Foreign Exchange Management Act (FEMA), the Enforcement Directorate searched the CEO of Edtech company Byju's offices and residence in Bengaluru on Saturday
The agency said in a tweet that a total of three locations were raided recently and many incriminating documents and digital data were taken
The ED said that the action was conducted as a result of "various complaints" made by private parties and claimed that despite receiving "several" summonses, Raveendran Byju allegedly acted "evasive and never appeared" in front of the ED, Indian Express reported
According to the searches, Think & Learn Pvt. Ltd., his company, received roughly Rs 28,000 crore in foreign direct investment (FDI) between 2011 and 2023
Byju's has been experiencing financial difficulties for a while; in FY'21, the Bengaluru-based company registered a consolidated loss of over Rs 4,500 crore, the largest ever recorded by an Indian start-up. Additionally, it had come under government scrutiny for finally disclosing its FY21 financials after an 18-month delay.
