ED searches residence, office of BYJU's CEO Raveendran over alleged foreign funding laws violation

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The Enforcement Directorate on Saturday said that it had conducted searches in the office and residential premises of BYJU’s CEO Raveendran Byju in Bengaluru for allegedly violating foreign funding laws.

The ED also said in a statement that it had found “incriminating” documents and digital data as part of a Foreign Exchange Management Act (FEMA) probe.

A total of three premises, two businesses and one residential, were raided recently under the provisions of FEMA.

The investigative body said that the searches were conducted on the basis of “various complaints” received by private people. It also alleged that Raveendran 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.

With inputs from PTI

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