On Saturday, the Enforcement Directorate conducted searches at three locations belonging to Byju Raveendran, the CEO and founder of 'Think and Learn Private Ltd,' which operates the ed-tech platform BYJU. The investigating agency conducted searches under the Foreign Exchange Management Act (FEMA) and seized several pieces of evidence, including documents and digital data.
The agency stated that between 2011 and 2023, the company obtained foreign direct investment (FDI) totalling ₹28,000 crore. During the same period, it transferred approximately ₹9,754 crores to various foreign jurisdictions as overseas direct investment. The Enforcement Directorate has stated that Think & Learn Private Limited recorded approximately ₹944 crores under advertisement and marketing expenses, which included the money transferred to foreign jurisdictions. However, the company failed to prepare its financial statements since the fiscal year 2020-21 and did not have its accounts audited. Therefore, the agency has mentioned that the authenticity of the figures provided by the company is being verified through the bank.
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