ED renews lookout notice for Byju’s founder
The Hindu
ED has renewed the look-out notice for education portal Byju’s founder Byju Raveendran with respect to alleged FEMA violation involving ₹9,362 crore.
The Enforcement Directorate (ED) has asked the Bureau of Immigration to issue a lookout notice against Byju’s founder Byju Raveendran with respect to an alleged FEMA violation case involving ₹9,362 crore.
The Adjudicating Authority under the Foreign Exchange Management Act (FEMA) had earlier issued show cause notices to Think & Learn Private Limited, which runs Byju’s, and Byju Raveendran, based on the Enforcement Directorate’s complaint alleging contraventions involving ₹9,362.35 crore.
The ED had initiated the FEMA inquiry based on allegations about the foreign investment received, significant foreign remittances, and overseas investments made by the company in “violation” of the Act, purportedly causing losses to the exchequer.
In April, based on the information, the agency conducted searches at locations in Bangalore associated with Think and Learn Private Limited and the residence of Mr. Raveendran and gathered relevant documents. It also recorded his statement and of the company’s chief financial officer, it said.
According to the ED, it found that the company and Mr. Raveendran had allegedly contravened the provisions of FEMA by failing to submit documents of imports against advance remittances made outside India; by failing to realize the proceeds of exports made abroad; by the delayed filing of documents against the Foreign Direct Investment (FDI) received into the company; by failing to file documents against the remittances made by the company outside India; and by failing to allot shares against FDI received.
Earlier, through a statement, the ED had alleged that the company received FDI of about ₹28,000 crore from 2011 to 2023, and remitted about ₹9,754 to various foreign jurisdictions during the same period “in the name of overseas direct investment”.
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