After Raids Over Alleged Forex Law Violations, Byju's CEO Reassures Company's Compliance Byju's chief also claimed that the company had previously submitted all the information requested on FDI raised, overseas investments made, and cross-border transactions relating to marketing and branding to the concerned authority
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The founder and chief executive officer of Byjus, Byju Raveendran, has said that Byju's is cooperating with the authorities hours after the Enforcement Directorate (ED) carried out searches at three of its locations in Bengaluru.
According to an internal memo, Indian education platform Byju's CEO is confident that the country's financial crime-fighting agency will find the company compliant after raids on its premises over suspected breaches of foreign exchange laws.
"I wanted to take a moment to address the recent news of the Enforcement Directorate's searches at our premises in Bangalore… I understand that this news may have caused concern…," Raveendran told employees, in the email, according to a Moneycontrol report.
Byju's founder reportedly said that the company is funded by over 70 investors, who have done due diligence on their operations, which includes FEMA compliance. "We are confident that the authorities will also come to the same conclusion," he said in a statement.
He further said that all the transactions are routed only through regular banking channels and the RBI's authorised dealer banks. In addition, Byju's chief also claimed that the company had previously submitted all the information requested on FDI raised, overseas investments made, and cross-border transactions relating to marketing and branding to the concerned authority.
In its statement, ED had also said that the company has not prepared its financial statements since the financial year 2020-21 and has not got the accounts audited which is mandatory.
The Enforcement Directorate on Saturday had conducted searches at the premises of Byju Raveendran, CEO of Bengaluru-based edtech firm BYJU's, for allegedly violating foreign funding laws. The probe agency as per media reports said several incriminating documents and data were seized during the search.
As per the report, the two business and one residential premises in Bengaluru were searched by ED in connection with a case against Raveendran and his company 'Think & Learn Private Limited' under the provisions of the Foreign Exchange Management Act (FEMA).