Byju’s-ED News: The Enforcement Directorate (ED) has issued a show cause notice of Rs 9362.35 crore to the company’s CEO Byju Raveendran. ED has sent this notice to the company in the FEMA case related to foreign funds.
Byju’s-ED News Byju’s, the country’s leading startup company in the edtech sector, has been facing difficulties for a long time. The company’s troubles are showing no sign of abating. Meanwhile, the Enforcement Directorate (ED) has issued a show cause notice of Rs 9362.35 crore to the company’s CEO Byju Raveendran. ED has sent this notice to the company in the FEMA case related to foreign funds. Earlier, ED had raided many locations of Byju in April.
what is the matter
In April 2023, ED had raided three locations of Byju’s in the FEMA case. During this period, ED had seized many documents including digital data of the company. According to ED, these documents revealed that the company had received foreign investment of more than Rs 28,000 crore between 2011 and 2023. Investigation revealed that Rs 9,754 crore was transferred abroad by the company.
The company has given a clarification on the action of ED. Byju claimed in his X post that he has not received any notice regarding violation of FEMA rules. The EdTech Chief has termed as false the reports in which ED has issued a show cause notice to the company on alleged violations under FEMA.
When was Byju’s established?
Byju’s was established in the year 2011. This company provides other services including school education and exam preparation. Ravindra Byju did it along with his wife Divya Gokulnath. It is the world’s most valuable education tech company.