Byju’s CEO Raveendran’s offices searched by ED over FEMA violations

The Enforcement Directorate on Saturday carried out searches at the three premises of Byju Raveendran, the founder and chief executive officer of ‘Think and Learn Private Ltd’ that runs edtech platform under the name of Byju’s.

The probe agency carried out searches under the provisions of Foreign Exchange Management Act (FEMA), having seized various incriminating documents and digital data.

According to the probe agency, the company received foreign direct investment (FDI) worth ₹28,000 crore between 2011 and 2023. It remitted approximately ₹9,754 crore to various foreign jurisdictions during the same period in the name of overseas direct investment.

As per ED, Think & Learn Private Limited had booked around ₹944 crore in the name of advertisement and marketing expenses including the money remitted to foreign jurisdicition. However, the company did not prepare its financial statements since fiscal year 2020-21 and not got the accounts audited.

Hence, the genuineness of the figures provided by the company are being cross examined from the banks, the agency added.

The probe against the platform was initiated on the basis of various complaints received from various private persons. During investigation conducted by the ED, several summonses were issued to Byju Raveendran, who always remained evasive and never appeared during the investigation.