New Delhi: The Enforcement Directorate (ED) has carried out search and seizure operations at three premises of Raveendran Byju and his company ‘Think and Learn Pvt Ltd’ in Bengaluru under provisions of the Foreign Exchange Management Act (FEMA), an official said on Saturday. The company runs a popular online education portal by the name of BYJU’s.
During the search, various incriminating documents and digital data were seized. ,ALSO READ: ‘Not interested in marrying my men’: Investor criticizes Schengen visa application process,
“FEMA’s findings have also revealed that the company has received Foreign Direct Investment of Rs 28,000 crore between 2011 and 2023. In addition, the company has paid Rs 9754 crore to various foreign jurisdictions during the same period in the name of Foreign Direct Investment. Have also sent Rs.,” said the officer. ,Also read: Techie’s rude reply to job offer goes viral; Walnut CEO shared screenshot,
According to the ED, the company has booked around Rs 944 crore in the name of advertising and marketing expenses, which also includes remittances to foreign jurisdictions. It is alleged that the company has not prepared its financial statements from the financial year 2020-21 and has not got the accounts audited, which is mandatory.
“Hence, the genuineness of the data provided by the company is being questioned by the banks. Based on various complaints received from various private individuals, investigations were initiated against the platform,” the official said.
During an investigation conducted by the probe agency, several summons were issued to founder and CEO Raveendran Byju. However, he was always evasive and never appeared during the investigation.”
Meanwhile, a spokesperson for BYJU’s legal team said that the recent visit by Enforcement Directorate (ED) officials to one of their offices in Bangalore was related to a routine inquiry under FEMA.
“We have been completely transparent with the authorities and provided them with all the information they requested. We have nothing but the utmost confidence in the integrity of our operations, and we will do our best to maintain the highest standards of compliance and ethics. committed to.” They said.
We will continue to work closely with the authorities to ensure that they have all the information they need, and we are confident that this matter will be resolved in a timely and satisfactory manner,” said BYJU’s legal team. the spokesperson continued.
Underlining that it is business as usual, the spokesperson said, “We are committed to delivering high quality educational products and services to our customers in India and across the world.”
Further investigation of the matter is on.