ED raids 3 premises of BYJU's CEO Ravindra, case of FEMA violation

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image : Wikipedia


The ED (Enforcement Directorate) conducted raids and seizures at three places in Bangalore in the case of Ravindran Baiju and his company 'Think and Learn Private Limited' under the provisions of the Foreign Exchange Management Act (FEMA). Two offices and one house were raided.

The company runs a popular online education portal called Byjus

The company runs a popular online education portal called Byjus. Several incriminating documents and digital data were seized during the investigation. The ED said the company has not prepared details of its financial transactions from the financial year 2020-21. which is mandatory.

The company received 28 thousand crores from abroad during 2011 to 2023

The raid also revealed that the company had received foreign direct investment of around Rs 28,000 crore during the period 2011 to 2023. Apart from this, the company has invested Rs. 9754 crore abroad. were sent About Rs 944 crore in the name of advertising and marketing expenditure of right sector companies during this period in the name of foreign direct investment. booked which includes the amount remitted to the foreign jurisdiction.

Money transactions are being investigated through banks

The ED said that the authenticity of the figures provided by the company is being checked by the banks. The investigation against Byjus was conducted on the basis of complaints received by various private individuals. Several summons were issued to founder, CEO Ravindran Baiju during the investigation by ED. However, he was always evasive and never appeared during the investigation. After that, the ED conducted raids on three of his premises.

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