Edutech startup Byju’s is now under the scanner of the Enforcement Directorate (ED). ED has searched three locations of Byju, in which the agency has found many objectionable documents and suspicious data. Apart from this, the agency has also received information about investments worth thousands of crores, in which irregularities are suspected. Gave information about on Saturday. The agency said it raided the office and residential premises of Byju’s Chief Executive Officer Ravindran Byju in Bengaluru. The agency got objectionable documents and digital data from there, which were seized. ED said that the raids were carried out under the provisions of the Foreign Exchange Management Act (FEMA).
The company claimed cooperation
According to the agency, the three premises of Searches have been conducted, including the premises of the registered company Think and Learn Private Limited. The investigating agency said that it has seized various incriminating documents and digital data. At the same time, Byju’s says that the ED’s action is a routine investigation and the company has taken full transparency with the agency. The company has provided all the information sought.
ED had received complaints
ED said that the company Think and Learn Pvt. Account not created. According to the ED, the accounts of the company have not even been audited, which is mandatory. The data provided by the company is being matched with the banks. This action has been taken on the basis of various complaints received from some people.
Raveendran did not appear on summons
The probe agency alleged that several summons were sent to CEO Raveendran Byju, But he kept evading and never appeared before the ED. During the search, it was found that Think and Learn Private Limited, a company of Ravindran Byju, received about Rs 28,000 crore under Foreign Direct Investment (FDI) during 2011 to 2023. The company also sent about Rs 9,754 crore out of the country in the name of foreign direct investment during this period. The company showed an expenditure of about Rs 944 crore in the name of advertising and marketing, which also included the amount sent outside the country. That this Bangalore-based company provides preparation for various competitive exams along with school studies. It was jointly established by Ravindran Byju and his wife Divya Gokulnath. The company’s market valuation in March 2022 was $ 22 billion. Byju had told in October last year that it would lay off 2,500 workers and recruit 10,000 teachers in the next six months. Missed full data from last time
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