ED raids office, house of BYJU's CEO in B'luru
New Delhi, April 29
The Enforcement Directorate (ED) has conducted searches at the Bengaluru office and residential premises of ed-tech major BYJU’s and its CEO and co-founder Raveendran Byju and seized “incriminating” documents and digital data as part of its probe into alleged violation of the Foreign Exchange Management Act (FEMA).
In an official statement, the ED said, three premises — two business and one residential, including that of the registered company ‘Think & Learn Pvt Ltd’ — were searched. It also said the searches resulted in the seizure of various “incriminating documents and digital data”. A spokesperson for BJYU’s legal team is reported to have said the ED action was a “routine inquiry” and the company has been “completely transparent with the authorities and have provided them with all information they have requested”.
The ED alleged the company (Think & Learn Pvt Ltd) had not prepared its financial statements since 2020-21 and had not got the accounts audited, which was mandatory.
