ED conducts raids at office of BYJU's in Bengaluru in connection with a case under FEMA

New Delhi, April 29

The Enforcement Directorate (ED) conducted searches and seizure at three premises in Bengaluru in connection a case lodged under Foreign Exchange Management Act (FEMA). 

The ED had lodged a  case against Raveendaran Byju and his company ‘Think & Learn Private Limited’. The company runs a popular online education portal in the name of Byju’s. 

According to ED, the company has booked around Rs 944 crore in the name of advertisement and marketing expenses including the amount remitted to foreign jurisdiction. The company has allegedly not prepared its financial statements since financial year 2020-21 and has not got the accounts audited which are mandatory.

An investigation against the platform was initiated on the basis of various complaints received from various private persons.

The FEMA searches revealed that the company has received foreign direct investment to the tune of Rs 28,000 crore during the period from 2011 to 2023. Further, the company has also remitted Rs.9754 crore to various foreign jurisdictions during the same period in the name of overseas direct investment, added officials. 

During the investigation conducted by the ED, several summons were issued to the founder and CEO Raveendaran Byju, however, he always remained evasive and never appeared during the investigation.

Byju’s legal team spokesperson issued a statement after the searches by ED. 

The statement read, “The recent visit by officials from the Enforcement Directorate (ED) in Bangalore 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,” said Byju's legal team spokesperson

“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", the statement further read.