Shillong, April 29: The Enforcement Directorate (ED) visited the offices of BYJU’s co-founder and CEO, Raveendran, on a Saturday morning. According to reports, the raids were conducted in Bengaluru at a residence and an office.
According to sources, the investigation agency conducted raids in accordance with the Foreign Exchange Management Act’s (FEMA) guidelines and also confiscated numerous damning documents and digital data.
According to reports, the company received around Rs 28,000 crore in foreign direct investment from 2011 to 2021. It has also transferred Rs 9,754 crore to numerous overseas countries.
Additionally, the company recorded approximately Rs 944 crore in marketing and advertising costs, including the sum sent to a foreign jurisdiction.
Since the financial year 2020–21, the company allegedly hasn’t prepared its financial statements and hasn’t had the accounts audited.
The investigative agency also disclosed to the media that they had repeatedly summoned him for the investigation but that he remained evasive and never showed up.
