Byju’s Ravindran, the CEO of popular edtech platform Byju’s, is under investigation by the Enforcement Directorate (ED) for alleged violation of the Foreign Exchange Transactions Act (FEMA). The ED conducted raids on Ravindran’s office and house in Bangalore on Saturday and seized important documents.
According to reports, the ED has accused Ravindran’s parent company, Think and Learn Private Limited, of violating FEMA by receiving investments worth Rs. 28,000 crore from abroad between 2011 and 2023, and investing Rs. 9,754 crore in various foreign companies.
Ravindran has denied any wrongdoing, stating that the company’s documents are transparent and that the ED’s investigation is a routine inspection under FEMA. He also assured the public of the company’s commitment to transparency.
The ED’s investigation into Byju’s has sparked controversy, as the popular edtech platform has been the subject of several controversies in recent years. However, the company has maintained its innocence and has pledged to cooperate fully with the investigation.