BENGALURU: A team of Enforcement Directorate (ED) sleuths on Saturday raided the premises of businessman Raveendran Byju and his firm "Think & Learn Private Limited".
Raveendran's firm runs the popular online education portal, BYJU's.
The raid was held under the provisions of the Foreign Exchange Management Act (FEMA). An official release from the ED stated that the company has not prepared its financial statements since the financial year 2020-21 and has not got the accounts, audited which is mandatory. Hence, the genuineness of the figures provided by the company is being cross-examined from the banks.”
The investigation against the platform was initiated “on the basis of various complaints received from private persons. During the investigation conducted by the ED, several summonses were issued to the founder & CEO Raveendaran Byju, however, he always remained evasive and never appeared during the investigation. Further investigation is under progress,” added the agency.
"During the raids, various incriminating documents and digital data were seized", the statement said.
“The searches also revealed that the company has received foreign direct investment (FDI) to the tune of approximately Rs 28000 crore during the period 2011 to 2023. Further, the company has also remitted approximately Rs 9754 crore to various foreign jurisdictions during the same period in the name of overseas direct investment. The company has booked around Rs 944 crore in the name of advertisement and marketing expenses including the amount remitted to foreign jurisdiction,” the Central agency added.
Meanwhile, BYJU’S legal team spokesperson said that the “recent visit by officials from the Enforcement Directorate (ED) in Bengaluru was related to a routine inquiry under FEMA.”
“We have been completely transparent with the authorities and have provided them with all the information they have requested. We have nothing but the utmost confidence in the integrity of our operations, and we are committed to upholding the highest standards of compliance and ethics. 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. We want to emphasize that it is business as usual at BYJU'S. We are committed to delivering high-quality educational products and services to our customers across India and the world. We remain focused on our mission to transform the way students learn and prepare for their future,” claimed BYJU’S spokesperson.