New Delhi: The Enforcement Directorate (ED) on Saturday said it raided the office and residential premises of Ravindran Byju, Chief Executive Officer (CEO) of education technology major Byju’s in Bengaluru, and recovered “incriminating” documents and digital data from there. The ED said in a statement that under the provisions of the Foreign Exchange Management Act (FEMA), a total of three premises – two business and one residential premise were raided recently. The investigating agency said that it has seized various incriminating documents and digital data.
The ED said that this action was taken on the basis of “various complaints” received from some people. The probe agency alleged that “several” summons were sent to Raveendran Byju, but he “kept evading and never appeared before the ED.” During the searches, it was found that Raveendran Byju’s company ‘Think and Learn Pvt Ltd’ received about Rs 28,000 crore under Foreign Direct Investment (FDI) from 2011 to 2023. The company also remitted about Rs 9,754 crore to various foreign authorities in the name of foreign direct investment during the period, the agency said.
At the same time, Byjus issued a statement on this raid of ED. It said in this statement, ‘We have been completely transparent with the authorities and have provided them all the information sought by them. We have nothing but our integrity. We are committed to upholding the highest standards of compliance and ethics.
Apart from this, the company said in the statement, we will continue to work closely with the authorities to ensure that they have all the information required and we are confident that the matter will be resolved in a timely and satisfactory manner. We want to emphasize that it is business as usual at BYJU’S. We are focused on our mission to transform the way students learn and prepare for their future.
