The Enforcement Directorate (ED) on Saturday, April 29, informed that the Bengaluru-located office and residential premises of EdTech major BYJU'S CEO Raveendran Byju have been searched. Digital data and "incriminating" documents were seized, 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), the Directorate said in a statement. The action was taken on the basis of "various complaints" received by private people, as per a report by PTI.
The ED further alleged that Raveendran Byju was issued "several" summons but he remained "evasive and never appeared" before it. The searches found that his company, Think & Learn, 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 Directorate said.
Yesterday, April 28, the District Consumer Disputes Redressal Commission in Indore, Madhya Pradesh, issued an order against a BYJU'S staffer and superstar Shah Rukh Khan for alleged "fraudulent behaviour" and "unfair trade practice". The order was based on a complaint filed by Priyanka Dixit, who had paid the firm Rs 1.08 lakh for UPSC coaching, but did not receive any services, as per a separate report by PTI.
