On Saturday, 29th April 2023, the Enforcement Directorate raided three premises of Byju Raveendran, the founder, and CEO of ed-tech startup BYJUs. ED took this action under the provisions of the Foreign Exchange Management Act (FEMA). The raids were conducted at the premises of Byju Raveendran and his company Think and Learn Pvt Ltd.
According to the agency, the officials seized incriminating documents and digital data during the searches. According to the probe agency, the company has received foreign direct investment (FDI) worth Rs 28,000 crore between 2011 and 2023. Apart from this, the company also sent money to different countries in the name of FDI.
According to the ED, Think and Learn Pvt Ltd, which runs the ed-tech platform BYJUs, had spent around Rs 944 crore in the name of advertising and marketing expenses. At the same time, the company did not prepare its financial statements from the financial year 2020-21 and did not audit the accounts. Therefore, it is being investigated.
According to the agency, this action has been taken on the basis of complaints made by private people. Many summonses were issued in Raveendran’s name, but he avoided ED and never appeared.
Earlier, last month, on Friday, March 24, the educational technology behemoth BYJUs drew flak on social media for sharing a distorted map of India which showed Jammu and Kashmir as a separate country and parts of Ladakh as China on the map. Even before that, in December 2022, the apex child rights body National Commission for Protection of Child Rights (NCPCR) summoned BYJUs CEO Byju Raveendran over allegations that it is indulging in malpractices to lure parents and children to buy their courses.
