Incriminating Data Seized”: Probe Agency After Searches At BYJU’s

New Delhi: 

The Enforcement Directorate today conducted searches at the premises of Byju Raveendran, CEO of Bengaluru-based ed-tech firm BYJU’s, for allegedly violating foreign funding laws. Two business and one residential premises in Bengaluru were searched by the probe agency in connection with a case against Mr Raveendran and his company ‘Think & Learn Private Limited’ under the provisions of the Foreign Exchange Management Act (FEMA).

ED said several incriminating documents and data were seized during the search.

BYJU’s responded minutes after the probe agency’s revelation, claiming the searches were related to a “routine inquiry” under FEMA.

“We have been completely transparent with the authorities and have provided them with all the information they have requested. We have nothing but the utmost confidence in the integrity of our operations, and we are committed to upholding the highest standards of compliance and ethics,” the company told NDTV, adding that “it is business as usual at BYJU’s”.

“FEMA searches also revealed that the company has received foreign direct investment to the tune of ₹ 28,000 crore (approx) during the period from 2011 to 2023,” a media release from the probe agency said.

The company has also sent around ₹ 9,754 crore to various foreign entities in the name of overseas direct investment during the same period, it added.