KNT Web Desk
Reports said that the Enforcement Directorate conducted searches at three Bengaluru premises linked to the firm which runs the online tutorial portal Byju’s today.
In a tweet, the Enforcement Directorate informed that it conducted searches at three premises – reports have said that two are linked to the business and one is a residential property – connected to Byju’s parent company, Think & Learn Private Limited, and its founder Raveendran Byju under provisions of Foreign Exchange Management Act (FEMA).
The tweet further claimed “various incriminating documents and digital data” were seized by ED officials.
ED has conducted searches at 3 premises in Bengaluru in the case of Raveendaran Byju and his company ‘Think & Learn Private Limited’ (Byju online learning platform) under the provisions of FEMA. During the search, various incriminating documents and digital data was seized.
— ED (@dir_ed) April 29, 2023
The Hindu has quoted a statement by the ED in which officials have said that it is focusing on Rs 28,000 crore of Foreign Direct Investment or FDI it received between 2011 and 2023 and Rs 9,754 crore overseas direct investment by the company.
The ED has allegedly also summoned Byju several times but he has not appeared, it has claimed.
Byju’s legal team has said that the company has been transparent with the authorities and will continue to be so. [KNT]