In connection with an investigation into possible foreign exchange violations, the Enforcement Directorate stated on Saturday that it has searched the Bengaluru office and residential premises of Ed-tech giant BYJU’s CEO Raveendran Byju and seized ‘incriminating’ documents and digital data.
The recent raids on three different locations—two business and one residential—took place in accordance with the provisions of the Foreign Exchange Management Act (FEMA), it said in a statement.
The agency claimed to have obtained numerous digital files and incriminating documents.
It claimed that Raveendran Byju had been served with “several” summons, but he refused to show up, and the action was taken as a result of “various complaints” made by private people.
The searches revealed that his company, Think & Learn Pvt. Ltd., received about Rs 28,000 crore in foreign direct investment (FDI) during 2011-2023.
The agency said, “The company also remitted about Rs 9,754 crore to various foreign jurisdictions during the same period in the name of overseas direct investment.”
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