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 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
The paid version of ChatGPT, called ChatGPT Plus, was introduced in February and was upgraded with multimodal LLM GPT-4 in March
The move is likely to help Swiggy lower its cash burn, which is a lot more than what Zomato was burning
The government is working to improve connectivity and transport infrastructure, and increase credit growth and digital banking units in the region