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Raveendran Byju Raid: The Enforcement Directorate (ED) raided the premises of Byju’s founder and CEO Byju Raveendran. ED is taking this action under the rules of Foreign Exchange Management Act (FEMA). According to the agency, officials have received several documents from the ED during the raid. ED has seized these documents and digital data.
Incriminating documents and digital data have been seized during the search. According to the probe agency, the company has received Foreign Direct Investment (FDI) of Rs 28,000 crore between 2011 and 2023.
The Enforcement Directorate (ED) said it raided the office and residential premises of education technology major Byju’s Chief Executive Officer (CEO) Ravindran Byju’s in Bengaluru and seized “incriminating” documents and digital data from there.
The ED said in a statement that under the provisions of the Foreign Exchange Management Act (FEMA), a total of three premises – two business and one residential premises were raided recently. The ED said that it has seized various incriminating documents and digital data. The investigating agency 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 search, it was found that Ravindran 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. (with language input)
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