Byju’s FDI case: ED seizes chairman Raveendaran’s two properties in Bengaluru

Enforcement Directorate (ED) has seized 3 properties of Raveendaran Byju and his company ‘Think & Learn Private Limited’ in Bangalore under Foreign Exchange Management Act (FEMA).

The seized property includes two businesses and one residential premises. The company runs an online education portal Byju’s. During the search, various incriminating documents and digital data were seized.

Ed said FEMA searches also revealed that the company has received foreign direct investment to the tune of Rs.28000 crore from 2011 to 2023. Further, the company has also remitted Rs.9754 crore to various foreign jurisdictions during the same period in the name of overseas direct investment.

ED said the company has booked around Rs.944 crore in the name of advertisement and marketing expenses including the amount remitted to foreign jurisdiction.

ED said the company has not prepared its financial statements since the financial year 2020-21 and has not got the accounts, audited which is mandatory. Hence, the genuineness of the figures provided by the company is being cross-examined from the banks.

ED said investigation against the platform was initiated on the basis of various complaints received from various private persons. During the investigation conducted by the ED, several summonses were issued to the founder and CEO Raveendaran Byju. However, he always remained evasive and never appeared during the investigation.

Further investigation is under progress.