In a significant development, the Enforcement Directorate (ED) has issued a fresh look-out notice against edutech entrepreneur Byju Raveendran in connection with an ongoing inquiry into an alleged violation of the Foreign Exchange Management Act (FEMA) involving ₹9,362.35 crore.
The move comes after the FEMA Adjudicating Authority issued show cause notices in November last year to Think & Learn Private Limited, the company behind the education portal Byju’s, and Byju Raveendran, based on the ED’s complaint. The ED initiated the FEMA inquiry following allegations related to foreign investment, significant foreign remittances, and overseas investments made by the company in violation of the Act, potentially causing a loss to the exchequer.
In April 2023, the ED conducted searches at the Bengaluru premises of Think and Learn Private Limited and Byju Raveendran’s residence for evidence collection. Statements from Byju Raveendran and the company’s Chief Financial Officer were recorded during the searches.
This fresh development highlights the intensification of the probe into the alleged FEMA violations, adding a layer of scrutiny to one of India’s prominent edutech companies and its founder.
In a significant development, the Enforcement Directorate (ED) has issued a fresh look-out notice against edutech entrepreneur Byju Raveendran in connection with an ongoing inquiry into an alleged violation of the Foreign Exchange Management Act (FEMA) involving ₹9,362.35 crore.
The move comes after the FEMA Adjudicating Authority issued show cause notices in November last year to Think & Learn Private Limited, the company behind the education portal Byju’s, and Byju Raveendran, based on the ED’s complaint. The ED initiated the FEMA inquiry following allegations related to foreign investment, significant foreign remittances, and overseas investments made by the company in violation of the Act, potentially causing a loss to the exchequer.
In April 2023, the ED conducted searches at the Bengaluru premises of Think and Learn Private Limited and Byju Raveendran’s residence for evidence collection. Statements from Byju Raveendran and the company’s Chief Financial Officer were recorded during the searches.
This fresh development highlights the intensification of the probe into the alleged FEMA violations, adding a layer of scrutiny to one of India’s prominent edutech companies and its founder.
