The Enforcement Directorate (ED) is conducting searches at three locations in Bengaluru of Byju's founder and CEO Byju Raveendran on Saturday. ED is taking this action under the provisions of the Foreign Exchange Management Act (FEMA). The raids have been conducted at the premises of Byju Raveendran and his company Think and Learn Private Limited.
According to the agency, the officials have seized incriminating documents and digital data during the searches. According to the probe agency, the company has received foreign direct investment (FDI) of Rs 28,000 crore between 2011 and 2023. Apart from this, the company also sent money to different countries in the name of FDI.
According to the ED, Think and Learn Pvt Ltd, which runs an edtech platform by the name of Byju's, had spent around Rs 944 crore in the name of advertising and marketing expenses. At the same time, the company did not prepare its financial statements from the financial year 2020-21 and did not get the accounts audited. That's why it is being investigated.
According to the agency, this action has been taken on the basis of complaints made by private people. Apart from this, Raveendran is alleged to have issued several summons in his name, but he kept evading the ED and never appeared.
Byju's laid off around 1,500 employees in the month of February. Earlier in October, Byju's laid off around 2,500 employees. The layoffs were done citing high costs and outsourcing of operations.