ED raids ed-tech giant Byju’s, examines remittances worth ₹9,754 crore to foreign jurisdictions

However, Byju’s legal team spokesperson told South First in an emailed statement that the “recent visit” by officials from the ED in Bangalore was related to a routine inquiry under FEMA, and that the company had been transparent with authorities.

Also read: Teachers criticise Jagan for bringing Byju’s to Andhra schools

Incriminating documents, digital data seized: ED

As per the statement by the ED, various incriminating documents and digital data were seized during the raids.

“FEMA searches also revealed that the company received foreign direct investment to the tune of ₹28,000 crore (approx.) from 2011 to 2023. Further, the company also remitted ₹9,754 crore (approx.) to various foreign jurisdictions during the same period in the name of overseas direct investment,” the ED said in a statement.

It added that the company booked around ₹944 crore in the name of advertisement and marketing expenses including the amount remitted to foreign jurisdiction.

“The company has not prepared its financial statements since Financial Year 2020-21, and has not got the accounts audited, which is mandatory. Hence, the genuineness of the figures provided by the company is being cross-examined by banks,” stated the ED.

The probe agency further clarified that the investigation against Byju’s was initiated based on complaints received from various individuals.

The ED alleged that despite being issued several summonses by the agency, the Byju’s founder and CEO remained evasive and did not appear before the agency.

The agency also stated that further investigation into the matter was in progress.

South First’s calls to ED’s Bengaluru Zone Joint Director Manish Godara went unanswered.

Also read: Byju’s tie-up, scam taint cloud Jagan plan to empower students

Transparent with authorities: Byju’s

Responding to an email from South First about the ED action, the spokesperson for Byju’s legal team said the recent visit by officials from the agency in Bengaluru was related to a routine inquiry under FEMA.

The spokesperson said the company had been completely transparent with the authorities and provided the investigating agency with all the information it had requested.

The spokesperson further stated, “We will continue to work closely with the authorities to ensure that they have all the information they need, and we are confident that this matter will be resolved in a timely and satisfactory manner.”