ED Searches BYJU’s CEO Raveendran’s Offices Over Alleged FEMA Violations. The Enforcement Directorate (ED) has conducted searches at the offices of BYJU’s CEO, Byjus RR. Raveendran in connection with alleged violations of the Foreign Exchange Management Act (FEMA). The searches were conducted in the Bengaluru and Delhi offices of BBYJU and are related to investments received by the company from overseas investors.
According to reports, the ED is investigating whether BYJU’s has violated FEMA regulations by receiving funding from entities based in tax havens without prior approval from the Reserve Bank of India (RBI). The ED has been probing a case of alleged foreign direct investment (FDI) irregularities against the company since last year.
BYJU’s is a prominent Indian ed-tech startup that has raised over $2 billion from investors worldwide and is currently valued at $16.5 billion. The company offers online learning courses to students across India and has seen significant growth during the pandemic as schools and colleges were forced to shut down.
The searches on BYJU’s CEO come amid a crackdown by Indian regulators on technology companies over alleged violations of various laws and regulations. The Indian government has been tightening regulations for technology companies in recent months, particularly in the areas of data privacy, foreign investments, and e-commerce.
BYJU’s has not yet commented on the searches conducted by the ED on its CEO’s offices.
