The Enforcement Directorate has renewed a lookout circular against Byju Raveendran, founder of Byju’s, as part of a probe into alleged violations of India’s Foreign Exchange Management Act (FEMA) by the ed-tech firm.
This renewal, prompted by complaints regarding foreign investments received by Byju’s, marks a continuation of an investigation initiated over a year ago.
The agency alleges that Think and Learn Pvt Ltd, the company behind Byju’s, failed to comply with FEMA provisions, causing potential losses to the exchequer totaling approximately ₹9,362 crore.
Byju’s, which experienced significant growth during the Covid-19 pandemic, faces scrutiny over its foreign investment activities, including remittances to overseas entities.
On the other side Andhra Pradesh government collaborated with Byjus, which provides digital education though Byjus tabs to thousands of kids in government schools.
This post was last modified on 22 February 2024 12:14 pm
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