Byju's CEO Raveendran's Bengaluru Home and Office Raided by ED for FEMA Violations

The Enforcement Directorate (ED) has carried out searches on premises linked to EdTech firm Byju’s in Bengaluru in connection with alleged foreign exchange violations that the agency is probing against the company. The firm has allegedly remitted abroad over Rs 9,700 crore of the Rs 28,000 crore it received as Foreign Direct Investment (FDI) since 2011 and suspected irregularities in the same are being probed. BYJU CEO Raveeendran BYJU’s said the searches were part of a “routine inquiry” and that it was cooperating with the agency. According to the agency, the searches have been conducted at three premises in Bengaluru including the residence of company CEO Raveendran Byju and the office premises of Think & Learn Private Limited, the parent company of Byju’s. The agency claimed to have recovered “various incriminating documents and digital data” during the searches. “FEMA (Foreign Exchange Management Act) searches also revealed that the company has received foreign direct investm...