ED searches Byju’s premises over alleged FEMA violations

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Editor's note: The list of troubles seems to be growing longer for Byju’s, India’s largest education technology company, valued north of $22 billion.  The Enforcement Directorate has recently conducted searches and seizure action at three premises in Bengaluru in the case of Byju Raveendaran and his company Think & Learn Pvt. Ltd under the provisions of the Foreign Exchange Management Act. “During the search, various incriminating documents and digital data was seized,” the Enforcement Directorate said. The action was taken on the basis of “various complaints” received from individuals and alleged that Raveendran Byju was issued “several” summons but he remained “evasive and never appeared” before the Enforcement Directorate, PTI reported. The searches also revealed that “the company has received foreign direct investment to the tune of Rs 28,000 crore (approx.) during the period from 2011 to 2023,” the Economic Times reported. The “company has also remitted Rs 9,754 crore (approx.) 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 …