Explained: Why ED searched BYJU’s CEO Raveendran Byju’s dwelling and workplace in Bengaluru (file picture)
The Enforcement Directorate (ED) has searched the workplace and residential premises of Edtech main BYJU’s CEO Byju Raveendran in Bengaluru. The central company mentioned that it has seized ‘incriminating’ paperwork and digital information as a part of a international alternate violation probe.
The ED raided three premises — two enterprise and one residential — lately beneath the provisions of the Foreign Exchange Management Act (FEMA). The company mentioned it has seized numerous incriminating paperwork and digital information.
Why ED raided Byju Raveendran’s three premises?
The company mentioned that the motion was taken on the premise of ‘numerous complaints’ obtained by personal individuals. It alleged that Byju Raveendran was issued ‘a number of’ summons however he remained ‘evasive and by no means appeared’ earlier than the ED.
ED mentioned that the searches discovered that Byju’s firm, Think & Learn Pvt. Ltd., obtained international direct funding (FDI) of about Rs 28,000 crore throughout 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 company mentioned.
Raveendran based Byju’s along with his spouse, Divya Gokulnath in 2011. He met Divya when she was a pupil in his examination preparation class.
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