The Enforcement Directorate (ED) on Tuesday said the adjudicating authority under the Foreign Exchange Management Act (FEMA) has issued show-cause notices to Think & Learn Private Limited, the parent company of BYJU’S, and CEO Byju Raveendran on the basis of a complaint filed against them for alleged contraventions of FEMA to the tune of Rs 9,362.35 crore.
The agency said it had initiated investigation on the basis of various complaints regarding foreign investments received by the company viz M/s Think and Learn Private Limited and the business conduct of the firm. “The company was also stated to have made significant foreign remittances outside India and investments abroad, which were allegedly in contravention of the provisions of FEMA, 1999, and caused loss of revenue to the Central government,” an ED spokesperson said.
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