The Enforcement Directorate on Saturday conducted sꦍearches at the premises of Byju Raveendran, CEO of Bengaluru-based ed-tech firm BYJU's, for allegedly 🥃violating foreign funding laws, said NDTV report.
Karnataka: Two business and one residential premises in Bengaluru were searched by ED in connection with a case against Byju Raveendran and his company 'Think & Learn Private Limited' under the provisions of the FEMA.
The Enforcement Directorate on Saturday conducted sꦍearches at the premises of Byju Raveendran, CEO of Bengaluru-based ed-tech firm BYJU's, for allegedly 🥃violating foreign funding laws, said NDTV report.
It said two ꦍbusiness and one residential premises in Bengaluru were searched by ED in connection with a case against Raveendran and his company 'Think & Learn Private Limited' under the provisions of the Foreign Exchange Managem♊ent Act (FEMA).
The probe agency as per report s𒁏aid several incriminating documents and dataღ were seized during the search.
BYJU's responded minutes after the probe agency's revelation, claiming the searches were related to a "routine inquiry" under FEMA, mentionꦉed the report.
"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 confidenc꧋e in the integrity of our operations, and we are committed to upholding the highest standards of compliance and ethics," the report quoted the company.
“It is busines💎s as usual at BYJU's,” the 🐬report quoted company as having said.
"FEMA searches also revealed that the company has received foreign direct investment to the tune of ₹ 28,000 crore (approx) during the perio🙈d from 2011 to 2023," ED said, the report said.
The company has also sent around Rs 9,754 crore to various foreign entities in ℱthe name of overseas dir𝓡ect investment during the same period, the report added.
It said the action was taken on the basis of "various complaints" received by private peopl🌺e, and alleged t𝓡hat Raveendran Bjyu was issued "several" summons, but he remained "evasive and never appeared" before the ED, it said.
"The company has not🦩 prepared its financial statements since the financial year 2020-21 and has not got the accounts audited, which is mandatory," the report quo🎀ted ED statement.
The company has booked around Rs 944 crore𓆉 in the name of "Advertisement and Marketing expenses", including the amount remitted to foreiไgn jurisdictions, the probe agency said, as per the report.
"Hence, the genuineness of the figures provided by the company𒈔 are being cross-examined from the banks," it ad🍰ded.