The Enforcement Directorate conducted searches at three premises of Byju Raveendran, the founder and CEO of Think and Learn Private Ltd, which runs the edtech platform BYJU’s, under the provisions of Foreign Exchange Management Act (FEMA) and seized various incriminating documents and digital data. The company received approximately ₹28,000 crore in foreign direct investment (FDI) between 2011 and 2023 and remitted around ₹9,754 crore to various foreign jurisdictions during the same period in the name of overseas direct investment. The ED found that Think & Learn Private Limited had booked around ₹944 crore in the name of advertising and marketing expenses, including the money remitted to foreign jurisdictions. However, the company did not prepare its financial statements since fiscal year 2020-21 and did not get the accounts audited. The genuineness of the figures provided by the company is being cross-examined from the banks. Byju Raveendran always remained evasive and never appeared during the investigation. BYJU’s legal team said that the visit by officials from the Enforcement Directorate was related to a routine inquiry under FEMA and they have been completely transparent with the authorities, providing them with all the information they have requested. They also assured that it’s business as usual at BYJU’s and they are committed to delivering high-quality educational products and services to their customers across India and the world.
