Key Points
New Delhi: The Enforcement Directorate (ED) last month issued a lookout circular for Raveendran,founder and CEO of edtech firm Byjus, mandatingthe Bureau of Immigration to inform the central probe agency if he tries to travel outsideof India...
The edtech firm is under ED scanner for alleged violation of The Foreign Exchange Management Act, 1999, through remittance ofRs 9362.35 crore which the agency believes may have caused a lossto the exchequer...
The ED also said Byjus did not prepare an audited financial statement for the financial year 2020-21 and that it received nearly Rs 28,000 crore as foreign direct investment (FDI) between 2011 and 2023, while also remitting approximately Rs 9,754 crore in the name of overseas direct investment...
In November last year, the ED had served a show-cause notice to Raveendran and his firm as it concluded they had violated FEMA norms because the company could not submit documents of imports against advance remittances made outside India along with the FDI received and had also failed to allot shares against fundings received as FDI...
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