The Enforcement Directorate (ED) has raided 3 locations in Bengaluru of Ravindran Byju’s, owner of online learning platform BYJU’S. In this raid, ED has found a record of FDI worth Rs 28,000 crore. The ED took this action on Saturday (April 29, 2023) under the Foreign Exchange Management Act (FEMA).
According to media reports, several summons were sent by the Enforcement Directorate (ED) to Ravindran Byju’s company ‘Think and Learn Private Limited’. But the company ignored these summons and did not respond in any way. As such, the ED raided the premises linked to Ravindran Byju and his company. In this raid, ED has seized many objectionable documents including many digital data. The summons were issued by the ED following complaints made by people.
In the raid, the ED has also found that ‘Think and Learn Pvt Ltd’, a company running an online learning platform by the name of Byju’s, had received Foreign Direct Investment (FDI) of Rs 28000 crore between 2011 and 2023. Not only this, the company has transferred Rs 9754 crore to many countries in the name of FDI. Apart from this, the company had spent about Rs 944 crore in the name of advertising and marketing expenses.
At the same time, the company neither prepared its financial statement nor got its bank accounts audited from the financial year 2020-2021.
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Regarding this action of ED, a spokesperson of Byjus has said that ED has raided as part of regular investigation. All the information and necessary documents sought by ED have been given by the company to ED. Efforts are being made in coordination with the officials that they have all the necessary information. This matter will be resolved soon.