The Enforcement Directorate on Saturday conducꦡted searches at the premises of Byju Raveendran, CEO of Bengaluru-based ed-te♌ch firm BYJU's, for allegedly violating foreign funding laws, said NDTV report.
It said two busi꧙ness and one residential premises in Bengaluru were searched by ED in connection with a case against Raveendran and his company 'Think & Learn Private Lim🅠ited' under the provisions of the Foreign Exchange Management Act (FEMA).
The probe agency as per reღport said several incriminating documents and data were seized 🦄during the search.
BYJU's responded minutes after the probe agency's revelation, claiming the searches were related to a "routine inquiry" under FEMA,🔴 mentioned the report.
"We have been completely transparent with the authorities and have provided them with all the information they have requested. We have nothing but the utmost confidence in the integrity of our operations, and we are committed to upholding the highest standards of compliance and ethics," the repor𓆉t quoted the company.
“It is business as usual at BYJU's,”💦 the report quoted company as ha🔥ving said.
"FEMA searches also revealed that the company has received foreign dir🔯ect investment to the tune of ₹ 28,000 crore (approx) during the period from 2011 to 2023,🎀" ED said, the report said.
The company has also sent around Rs 9,754 crore to various foreign 🙈entities in the name of overseas direct investment during the same period, the report added.
It said the action was taken on the b🌞asis of "various complaints" received by private people, and alleged that Raveendran Bjyu was issued "several" summons, but he remained "evasive and never appeared" before the ED, it said.
"The company has not prepared its financial statements since the financial y🌺ear 2020-21 and has not got the accounts audited, which is mandatory," the report quoted ED statement.
The company has booked around Rs 944 crore in the name of "Advertisement and Marketing expenses", incl💮uding th💮e amount remitted to foreign jurisdictions, the probe agency said, as per the report.
"Hence, the genuineness of the fi𝐆gures provided by the company are being cross-examined from the banks," it added.
