FEMA violation: Byju’s likely to get ED notice for Rs 9k cr
Investigation into forex violation by Byju’s in final stages
Money Laundering
- ED says Byju’s remitted Rs9,754 cr to various foreign jurisdictions
- In April, it searched 2 business, one residential premises of Byju’s
- Probe against Byju’s has been going on since then
New Delhi: An Enforcement Directorate (ED) investigation into alleged foreign exchange law violations by edtech major Byju’s and its CEO and co-founder Raveendran Bjyu is in the final stages of completion following which a show-cause notice could be served to them, official sources said Tuesday.
The edtech major, reacting to press reports that alleged contravention of Rs9,000 crore by the company under the forex law, has issued a statement saying that it unequivocally denies media reports that insinuates Byju’s of any FEMA violation.”
The federal probe agency had in April searched two business and one residential premises, including that of the registered company of Byju’s - Think & Learn Pvt. Ltd. - under the provisions of the Foreign Exchange Management Act (FEMA). The probe against Byju’s has been going on since then and the adjudicating authority of the FEMA may soon serve a show cause notice to the company, the sources said.
The amount of funds contravened under the FEMA will be ascertained in this notice, they said. “The company has not received any such communication from authorities,” Byju’s said in a post on X. The ED had in April claimed in a statement that it seized various incriminating documents and digital data after the searches. It had alleged the company (Think & Learn Pvt. Ltd.) has not prepared its financial statements since 2020-21 fiscal and has not got the accounts, audited which is mandatory.
The ED said the searches were conducted on the basis of various complaints received by private people and alleged that Raveendran Bjyu was issued several summons but he remained evasive and never appeared before the ED.
