BYJU CEO’s Premises Searched by ED for Violation of Foreign Funding Laws

New Delhi: The Enforcement Directorate searched two business and one residential premises of Byju Raveendran, CEO of Bengaluru-based ed-tech firm BYJU’s, for allegedly violating foreign funding laws. His premises were raided in connection with a case against Raveendran and his company ‘Think & Learn Private Limited’ under the provisions of the Foreign Exchange Management Act (FEMA).

Several incriminating documents and data were seized during the search. But BYJU’s statement following it claimed that the searches were related to a “routine inquiry” under FEMA.

“We have been completely transparent with the authorities and have provided them with all the information they have requested. We have nothing but the utmost confidence in the integrity of our operations, and we are committed to upholding the highest standards of compliance and ethics,” the company told NDTV

“FEMA searches also revealed that the company has received foreign direct investment to the tune of Rs 28,000 crore (approx) during the period from 2011 to 2023,” a media release from the probe agency said.

The ED action followed when Raveendran Bjyu was issued “several” summons, but he remained “evasive and never appeared” before the ED.