In connection with an investigation into possible foreign currency violations, the Enforcement Directorate announced on Saturday that it had raided the Bengaluru-based office and residence of Edtech firm BYJU and its CEO and co-founder, Raveendran Byju, as well as confiscated “incriminating” documents and digital material.
Under the terms of the Foreign Exchange Management Act (FEMA), three locations—two commercial and one residential—including that of the registered company, Think & Learn Pvt. Ltd.—were searched. According to a statement from the federal financial investigative agency, different “incriminating documents and digital data” have been taken.
A spokesperson for BJYU’s legal team said the ED action was a “routine inquiry” and the company has been “completely transparent with the authorities and has provided them with all the information they have requested.” The ED alleged the company (Think & Learn Pvt. Ltd.) has not prepared its financial statements since the 2020–21 fiscal year and has not had its accounts audited, which is mandatory. Hence, the genuineness of the figures provided by the company is being cross-examined by the banks, it said.
According to the document, Raveendran Byju was issued “several” summonses but allegedly acted “evasively and never appeared” before the ED. It said the action was launched in response to “various complaints” made by private individuals. According to the searches, the company received 28,000 crores of rupees in foreign direct investment (FDI) between 2011 and 2023.