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ED raids BYJU's, claims Rs 9,754 cr remitted abroad
Enforcement Directorate
The Enforcement Directorate on Saturday raided the Bengaluru office and residential premises of Edtech major BYJU's and its CEO and co-founder Raveendran Byju and seized "incriminating" documents and digital data as part of a foreign exchange violation probe.
Bengaluru: The Enforcement Directorate on Saturday raided the Bengaluru office and residential premises of Edtech major BYJU's and its CEO and co-founder Raveendran Byju and seized "incriminating" documents and digital data as part of a foreign exchange violation probe.
A total of three premises, two business and one residential, including that of the registered company — Think & Learn Pvt Ltd — were raided under the provisions of the Foreign Exchange Management Act (FEMA), it said.
The searches took place on the popular online education portal named BYJU's based on various complaints received from private individuals. It is alleged that Ed-tech unicorn have received foreign direct investment (FDI) to the tune of Rs 28,000 crore (approx) during 2011-2023, documents reveal. Further, the company remitted around Rs 9,754 crore to various foreign jurisdictions in the name of foreign direct investment during the same period.
Raveendran Byju and his firm Think & Learn Pvt Ltd booked about Rs 944 crore in the name of advertising and marketing expenses, including the amount remitted to foreign jurisdictions. Also, the company has not prepared its financial statements and audited accounts since 2021, the press statement said.
