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ED Conducts Searches Against BYJU's CEO Raveendran, Says He Never Appeared For Questioning

The action was taken on the basis of "various complaints" received by private people and alleged that Raveendran Byju was issued "several" summons but he remained "evasive and never appeared" before the ED

ED Conducts Searches Against BYJU's CEO Raveendran, Says He Never Appeared For Questioning
Byju Raveendran, chief executive officer, Byjus
POSTED ON April 29, 2023 12:18 PM

The Enforcement Directorate on Saturday said it has searched the Bengaluru-located office and residential premises of Edtech major BYJU's CEO Raveendran Byju and seized "incriminating" documents and digital data as part of a foreign exchange violation probe.

A total of three premises, two business and one residential, were raided recently under the provisions of the Foreign Exchange Management Act (FEMA), it said in a statement.

The agency said it has seized various incriminating documents and digital data.

It said the action was taken on the basis of "various complaints" received by private people and alleged that Raveendran Byju was issued "several" summons but he remained "evasive and never appeared" before the ED.

The searches found that his company, Think & Learn Pvt. Ltd., received foreign direct investment (FDI) to the tune of about Rs 28,000 crore during 2011-2023.

"The company also remitted about Rs 9,754 crore to various foreign jurisdictions during the same period in the name of overseas direct investment," the agency said.

Note: This is a developing story, more inputs will be added later

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