Quick Summary
The Enforcement Directorate (ED) has reportedly prolonged its lookout circular (LOC) against Byju Raveendran, the founder of the embattled ed-tech giant Byjus, as part of an ongoing investigation into alleged violations of the Foreign Exchange Management Act (FEMA). This latest development comes as the federal agency intensifies its scrutiny of the firms financial transactions. Background Initially issued over a year ago, the LOC against Raveendran was recently renewed, with a condition re
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FAQ :
The Enforcement Directorate (ED) alleges that Byju's parent company, Think and Learn Pvt Ltd, violated India's foreign exchange laws, potentially leading to losses of approximately Rs 9,362 crore for the exchequer.
The ED has renewed its lookout circular (LOC) against Byju Raveendran, requiring the agency to be informed if he leaves the country.
Reports suggest that Byju Raveendran is presently believed to be abroad, according to information available to the ED.
The alleged violations include failure to submit import documents, delayed filing of foreign direct investment (FDI) related documents, and failure to realise proceeds of exports.
The ED's probe involves approximately Rs 9,362 crore in alleged losses to the exchequer. Byju's reportedly received Rs 28,000 crore in foreign direct investment between 2011 and 2023 and remitted Rs 9,754 crore to foreign jurisdictions during the same period.
Byju's has not yet publicly responded to these allegations.
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