NEW DELHI: After the Enforcement Directorate made searches and seizures on its three premises in Bengaluru, edtech company Byju's has said that the recent visit by ED officials was related to a routine inquiry under the FEMA (Foreign Exchange Management Act).
It reiterated that it is business as usual at Byju's.
The company said in a statement issued on Saturday that it has been completely transparent with the authorities and has 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," Byju's said in the statement.
The ED on Saturday issued a press statement saying that it conducted search and seizure operations at three (two business and one residential) premises of Byju's in Bengaluru.
The ED statement said "during the raids, various incriminating documents and digital data were seized."
ALSO READ | Edtech firm Byju’s continues to cut jobs
"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.
The investigation against the edtech platform was initiated on the basis of various complaints received from various private persons.
The ED said that in the course of its investigation, several summonses were issued to the founder and CEO Raveendaran Byju, but he always remained evasive and never appeared during the investigation.
The enforcement agency said that the company has not prepared its financial statements since 2020-21 and has not got the accounts audited. ED, therefore, cast aspersions on the genuineness of the figures provided by the company, and said the same is being cross-checked with data from the banks.