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ED Raids BYJU’s for Alleged FEMA Violations

BYJU's CEO Raveendran's office was raided by ED for violating FEMA regulations.

On Saturday, the Enforcement Directorate (ED) said it raided three premises of Edtech major BYJU’s CEO Raveendran in Bengaluru and seized “incriminating” documents and digital data as part of an investigation into forex irregularities.

It said in a statement that three premises, two commercial and one residential, were recently raided under the Foreign Exchange Management Act (FEMA).

The agency said it had seized various incriminating documents and digital data.

It said the action was based on “various complaints” from private individuals. It claimed that Raveendran Byju had received “several” summonses but still “evaded and never appeared” before the ED.

The searches revealed that his company, Think & Learn Pvt Ltd, had received foreign direct investment (FDI) of around Rs 28,000 crore during 2011-2023.

“The company also remitted approximately Rs 9,754 crore to various foreign jurisdictions during the same period in the name of overseas direct investment,” the agency said.

The ED’s investigation could spell trouble for the company’s work as it works to bring Aakash Educational Services public within the next 12 months. The company has received board approval and is in the process of finalising bankers for the public offering.

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