The Enforcement Directorate (ED) has conducted raids at the Bengaluru offices of online education platform Byju’s in connection with a case registered against Raveendaran Byju and his company Think & Learn Private Limited under the Foreign Exchange Management Act (FEMA). The company, which runs a popular online education portal under the name of Byju’s, has received foreign direct investment worth Rs 28,000 crore between 2011 and 2023, according to officials. During the search and seizure, incriminating documents and digital data were seized. Byju’s allegedly remitted Rs. 9754 crore to various foreign jurisdictions during the same period in the name of overseas direct investment.

Byju’s has also allegedly not prepared its financial statements since financial year 2020-21 and has not got the accounts audited, which are mandatory. The company has booked around Rs 944 crore in the name of advertisement and marketing expenses, including the amount remitted to foreign jurisdictions. The ED officials stated that they are cross-examining the genuineness of the figures provided by the company from the banks.

The investigation against the platform was initiated based on various complaints received from private persons. During the investigation conducted by the ED, several summons were issued to the founder and CEO Raveendaran Byju, who always remained evasive and never appeared during the investigation.