ED Issues Showcause Notices To Byju’s, Founder Byju Raveendran For FEMA Violations Worth Rs 9,300 Crore

The Enforcement Directorate has issued showcause notices to Byju’s parent company and founder, Byju Raveendran, alleging violations worth over Rs 9,300 crore under the Foreign Exchange Management Act, 1999.

The investigative agency said it initiated an investigation on the basis of various complaints regarding the foreign investment received by the company and its business conduct.

“The company was also stated to have made significant foreign remittances outside India and investments abroad, which were allegedly in contravention of provisions of FEMA, 1999, and caused loss of revenue to the government of India,” it said in a press release.

Based on the information, the ED conducted searches at the premises of Think and Learn Pvt. and Raveendran’s residence in Bengaluru in April this year and seized documents pertaining to investments received by Byju’s. It also interviewed Raveendran and the then-Chief Financial Officer, Ajay Goel.

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