ED Raids Byju's Premises in Bengaluru Over FEMA Violations

On April 29, the Enforcement Directorate (ED) conducted searches at the premises of Byju's, an online education portal, in Bengaluru. The ED raided two business premises and one residential property linked to the company's founder, Raveendran Byju, under provisions of the Foreign Exchange Management Act (FEMA).

The ED statement revealed that the company's Foreign Direct Investment (FDI) of ₹28,000 crore and overseas direct investment of ₹9,754 crore are under scrutiny. The company has not prepared financial statements since the financial year 2020-21, and the genuineness of the figures provided by the company is being cross-examined from the banks.

The investigation against the platform was initiated on the basis of complaints from various individuals. Byju's legal team stated that they had been completely transparent with the authorities and provided all the requested information. The company is committed to upholding the highest standards of compliance and ethics and will continue to work closely with the authorities.