Enforcement Directorate Alleges Questionable Foreign Remittances At BYJU's

The Enforcement Directorate conducted searches on three premises of the India's tech-ed company BYJU's in Bangalore on Saturday.

ED had said on its Twitter handle that various incriminating documents and digital data was seized during the search.

As per ED release, one residential and two business premises of BYJU's were searched.

"FEMA searches revealed that BYJU’s has received foreign direct investment to the tune of around Rs 28,000 crore during the period from 2011-2023"

"Further, BYJU’s has also remitted around Rs 9,754 crore to various foreign jurisdictions during the same period in the name of overseas direct investment. The company has booked around Rs 944 crore in the name of advertisement and marketing expenses including the amount remitted to foreign jurisdiction", the ED statement said.

The company has not prepared its financial statements since FY2020-21 and has not got the accounts audited which is mandatory. Hence, the genuineness of the figures provided by the company is being cross examined from the banks, the enforcement agency said.

ED further added that the investigation against the platform was initiated on the basis of complaints received from various private persons.

"During investigation, several summons were issued to the founder and chief executive officer Raveendaran Byju. However, he always remained evasive and never appeared for investigation."

And that further investigation was under progress.

The company in its official statement said that the ED searches were part of "routine inquiry under FEMA."

It also said that the company has been transparent with the authorities and has confidence in the integrity of its operations. "It is business as usual at Byju's," it added.