BYJU’S NEWS: Today the ED raided three locations of Byju Raveendran, CEO of the famous online education platform BYJU’s. These raids have been done on three premises of the company located in Bangalore and many documents have been seized. ED conducted this search operation under the provisions of Foreign Exchange Management Act (FEMA).
ED gave this information-
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
The ED said that this action was taken on the basis of “various complaints” received from some people. The probe agency alleged that “several” summons were sent to Raveendran Byju, but he “kept evading and never appeared before the ED.” During the searches, it was found that Raveendran Byju’s company ‘Think and Learn Pvt Ltd’ received about Rs 28,000 crore under Foreign Direct Investment (FDI) during 2011 to 2023. The company also remitted about Rs 9,754 crore to various foreign authorities in the name of foreign direct investment during the period, the agency said.
What has BYJUS to say-
At the same time, Byjus issued a statement on this raid of ED. It said in this statement, ‘We have been completely transparent with the authorities and have provided them all the information sought by them. We have nothing but our integrity. We are committed to upholding the highest standards of compliance and ethics.