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BYJU’s ED raid: The Enforcement Directorate (ED) on Saturday conducted searches at three premises (2 commercial and 1 residential) in Bengaluru in the case of Byju Raveendran and his company Think and Learn Pvt Ltd under the provisions of Foreign Exchange Management Act (FEMA). confiscation action has been taken.
The company runs a popular online education portal by the name of BYJU’S. Various incriminating documents and digital data were seized during the search and seizure operation. The search revealed that ed-tech unicorns have received Foreign Direct Investment (FDI) of around Rs 28,000 crore during 2011-2023.
The ED says that Byju Ravindran and his company have allegedly violated certain provisions of FEMA while raising funds from abroad. That’s why the ED has raided the premises associated with Byjus in Bengaluru on Saturday. It consists of a residential complex and two offices.
ED has conducted searches at 3 premises in Bengaluru in the case of Raveendaran Byju and his company ‘Think & Learn Private Limited’ (Byju online learning platform) under the provisions of FEMA. During the search, various incriminating documents and digital data was seized.
— ED (@dir_ed) April 29, 2023
Seized many documents-data
ED tried to collect many evidences during the raid. In this episode, he has seized many important documents and data related to the company and its financial transactions. ED says that it had received complaints against Byjus from many people. Not only this, the ED summoned Byju Ravindran several times, but he never appeared before the ED.
Rs 28,000 crore raised from abroad
In the ED’s search, it has come to light that between 2011 and 2023, Byju’s has received foreign direct investment (FDI) of about Rs 28,000 crore. While in the same period, the company sent an amount of Rs 9,754 crore to many foreign companies. The company has sent this amount to foreign countries in the form of Overseas Direct Investment.
