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Various searches and seizures were conducted at three premises in Bengaluru, Karnataka by the Enforcement Department (ED) in connection with a case filed against Ravindran Byju and his company Think and Learn. The raid was conducted under the provisions of the Foreign Exchange Management Act (FEMA).
Several incriminating documents and digital data were seized during the raid. The company runs a popular online education portal named BYJU’S. FEMA’s findings revealed that the company has earned Rs 28000 crore during its tenure of 13 years from 2011 to 2023. In the same period, the company has also paid Rs 9754 crore to various foreign jurisdictions in the name of Foreign Direct Investment. ,
In the name of advertising and marketing expenses, the company has booked around Rs 944 crore, which also includes the amount paid to foreign jurisdictions. It is alleged that the company has not even prepared its financial statements from the year 2020-21. These accounts have not even been audited which is mandatory.
The authenticity of the data provided by the company is yet to be determined as it is being verified with the bank. Several complaints from private individuals triggered an investigation against Byjus. The founder and CEO of the company did not appear during the investigation despite several summonses issued to them.
A spokesperson for Byjus’ legal team termed the raid as a “routine investigation under FEMA” in a statement issued by Byjus. The company has stated that it is transparent and fully aligned with ethics and high standards for the integrity of its operations. And it will co-operate with the authorities to provide all necessary information and resolve the matter expeditiously. It also said that it will still focus on delivering high quality educational products and services to its customers in India and around the world.
Various searches and seizures were conducted at three premises in Bengaluru, Karnataka by the Enforcement Department (ED) in connection with a case filed against Ravindran Byju and his company Think and Learn. The raid was conducted under the provisions of the Foreign Exchange Management Act (FEMA).
Several incriminating documents and digital data were seized during the raid. The company runs a popular online education portal named BYJU’S. FEMA’s findings revealed that the company has earned Rs 28000 crore during its tenure of 13 years from 2011 to 2023. In the same period, the company has also paid Rs 9754 crore to various foreign jurisdictions in the name of Foreign Direct Investment. ,
In the name of advertising and marketing expenses, the company has booked around Rs 944 crore, which also includes the amount paid to foreign jurisdictions. It is alleged that the company has not even prepared its financial statements from the year 2020-21. These accounts have not even been audited which is mandatory.
The authenticity of the data provided by the company is yet to be determined as it is being verified with the bank. Several complaints from private individuals triggered an investigation against Byjus. The founder and CEO of the company did not appear during the investigation despite several summonses issued to them.
A spokesperson for Byjus’ legal team termed the raid as a “routine investigation under FEMA” in a statement issued by Byjus. The company has stated that it is transparent and fully aligned with ethics and high standards for the integrity of its operations. And it will co-operate with the authorities to provide all necessary information and resolve the matter expeditiously. It also said that it will still focus on delivering high quality educational products and services to its customers in India and around the world.
