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ED searches Byju’s office, residence over alleged FEMA violations Byjus | ED

ED searches Byju’s office, residence over alleged FEMA violations

India Blooms News Service | @indiablooms | 29 Apr 2023, 11:51 pm

New Delhi: Directorate of Enforcement (ED) conducted searches at three locations-two business and one residential- of Raveendran Byju and his company in Bengaluru over alleged violation of the provisions of Foreign Exchange Management Act (FEMA), the probe agency said on Saturday.

During the search and seizure action various documents and digital data were seized, according to a statement issued by ED.

ED searches under FEMA also revealed that the company allegedly received foreign direct investment of Rs 28,000 crore during the period from 2011 to 2023.

“Further, the company has remitted Rs 9754 crore to various foreign jurisdictions during the same period in the name of overseas direct investment. The company has booked around Rs 944 crore in the name of advertisement and marketing expenses including the amount remitted to foreign jurisdiction,” claims ED in its statement.

“The company has not prepared its financial statements since the financial year 2020-21 and has not got the accounts audited which are mandatory. Hence, the genuineness of the figures provided by the company is being cross examined from the banks,” it said.

“Investigation against the platform was initiated on the basis of various complaints received from various private persons. During an investigation conducted by the ED, several summonses were issued to the founder and CEO Raveendaran Byju, however, he always remained evasive and never appeared during the investigation,” the statement said.

ED said that the probe is underway.

(With UNI inputs)