The Enforcement Directorate (ED) conducted searches at Byju’s office in Bengaluru.

On the 29th of April, Saturday, the raid started at the Bengaluru located office and residential premises of Ed tech Byju’s Chief Executive Officer (CEO) Mr. Raveendran Byju.  During the searches, the ED seized “incriminating” documents and digital data as part of a foreign exchange violation probe.

A total of three premises, two business and one residential, were raided recently under the provisions of the Foreign Exchange Management Act (FEMA.)  The agency said it has seized various incriminating documents and digital data and assured to take action against the company, which allegedly made several illegal transactions and evaded taxations.

Notably, the searches were conducted on the basis of “various complaints” received by private people and alleged that Raveendran Byju was issued “several” summons but he remained “evasive and never appeared” before the ED.

The searches found that his company, Think & Learn Private., limited., also received foreign direct investment (FDI) to the tune of about Rs. 28,000 crore during 2011-2023.

The ED in an official statement said, “The company also remitted about Rs 9,754 crore to various foreign jurisdictions during the same period in the name of overseas direct investment,” the agency said.

The searches are still underway.

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