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On Saturday morning, the Directorate of Enforcement in premises related to ed-tech co-founder and CEO BYJU Raveendran. The raids were reportedly conducted at a home and an office in Bengaluru.
According to reports, the investigating agency conducted raids under the provisions of the Foreign Exchange Management Act (FEMA) and also seized various incriminating documents and digital data.
The company has reportedly received FDI of Rs 28,000 crore (approx) between 2011 and 2021. In addition, it transferred Rs 9,754 crore to several foreign jurisdictions. In addition, the company booked approximately Rs 944 crore in the name of advertising and marketing expenses, including the amount remitted to the foreign jurisdiction.
The company allegedly did not prepare its financial statements from the financial year 2020-21 and did not get the financial statements audited.
The investigating agency also told the media that he was summoned several times during the investigation, but he remained evasive and never appeared during the investigation.
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