New Delhi: The Enforcement Directorate (ED) Saturday conducted searches at three premises of Byju Raveendran, the CEO of Bengaluru-based ed-tech firm BYJU's in Bengaluru. The searches relate to a case against Raveendran and his company 'Think & Learn Private Limited' (Byju's) under the provisions of the Foreign Exchange Management Act (FEMA).
A total of three premises, two business and one residential, were raided under the provisions of the Foreign Exchange Management Act (FEMA), the ED said in a statement adding that during the search various incriminating documents and digital data were seized.
The anti-money laundering agency alleged that Byju's received foreign direct investment (FDI) worth ₹28,000 crore between 2011 and 2023. During the same period, the ed-tech giant remitted ₹9,754 crore to various foreign jurisdictions in the name of overseas direct investment.
The ED said that it initiated action against the educational startup on the basis of "various complaints" received by private people. The probe agency also alleged that Raveendran Bjyu was issued "several" summons but he remained "evasive and never appeared" before the ED.
Also read: NCPCR summons BYJU's CEO over allegation of malpractice
Earlier in December 2022, Byju's got into a soup when the national child rights body NCPCR summoned its CEO over allegations that it is indulging in malpractices to lure parents and children to buy their courses. A media report stated that BYJU's is facing a range of complaints on social media platforms and consumer websites.
Customers alleged that they were exploited and deceived by the company as they had to put their savings and futures in jeopardy. "The Commission is in observance that indulging into malpractices to lure the parents or children into entering loan based agreements and then causing exploitation is against the welfare of children and in pursuance of the functions and powers under Section 13 and 14 of CPCR Act, 2005," NCPCR said.
