India: Edtech firm Byju's under investigation over alleged foreign exchange violation

The ED probe has been launched following various complaints, according to the authorities

By Web Desk

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Reuters file photo
Reuters file photo

Published: Sat 29 Apr 2023, 12:10 PM

Last updated: Sat 29 Apr 2023, 12:29 PM

India's popular online education platform Byju's is currently under investigation over alleged violations of the Foreign Exchange Management Act (Fema), according to the country's Enforcement Directorate (ED).

ED said on Saturday that searches had been conducted at three office and residential premises of Byju's and its CEO Byju Raveendran in Karnataka's Bangalore. During the operations, various documents and digital data were collected as part of the investigation.

The agency said the probe was launched following various complaints from private people. It added that Raveendran was issued 'several' summons but he remained 'evasive and never appeared' before the agency.

The searches found that his company, Think and Learn Pvt. Ltd., received foreign direct investment (FDI) of about Rs280 million 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.

(With inputs from PTI)

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