The Enforcement Directorate (ED) reportedly issued a show-cause notice alleging ₹9,000 crore Foreign Exchange Management Act (FEMA) breaches against Byju's, including its founder Byju Raveendran and Think and Learn Pvt Ltd, according to CNBC-TV18 sources.
Byju's strongly refuted these claims, denying any communication from authorities suggesting FEMA violations.
Previous incidents in April involved ED searches at three Bengaluru locations linked to Byju's and its CEO. The ED seized documents and digital data, summoning the CEO, who did not appear. Byju's assured full cooperation, asserting confidence in operational integrity, compliance, and ethics.
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The investigations revealed Byju's received approximately ₹28,000 crore in foreign direct investment from 2011-2023, with remittances of about ₹9,754 crore overseas, attributed to overseas direct investment and advertisement expenses.
Additionally, the company lacked financial statements since FY 2021, remaining unaudited, as per the ED's statement. The probe stemmed from multiple complaints.
Despite these developments, Byju's affirmed its commitment to delivering quality education products and services.