The Enforcement Directorate (ED) has searched the office and residential premises of Edtech major BYJU's CEO Byju Raveendran in Bengaluru. The central agency said that it has seized 'incriminating' documents and digital data as part of a foreign exchange violation probe.
The ED raided three premises -- two business and one residential -- recently under the provisions of the Foreign Exchange Management Act (FEMA). The agency said it has seized various incriminating documents and digital data.
Why ED raided Byju Raveendran's three premises?
The agency said that the action was taken on the basis of 'various complaints' received by private people. It alleged that Byju Raveendran was issued 'several' summons but he remained 'evasive and never appeared' before the ED.
ED said that the searches found that Byju's company, Think & Learn Pvt. Ltd., received foreign direct investment (FDI) of about Rs 28,000 crore during 2011-2023. "The company also remitted about Rs 9,754 crore to various foreign jurisdictions during the same period in the name of overseas direct investment," the agency said.
Raveendran founded Byju's with his wife, Divya Gokulnath in 2011. He met Divya when she was a student in his exam preparation class.
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