Get All Access for $5/mo

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

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Twitter

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).

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
News and Trends

"45% of All Ongoing Hydropower Projects in India are Ours": Patel Engineering

Patel Engineering reported a turnover of INR 4,400 crore in the last fiscal year, with a projected 10 per cent growth for the current year.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Science & Technology

5 Rule-Bending AI Hacks to Make Your Mornings More Productive and Profitable

By 2025, AI will transform productivity by streamlining workflows and cutting costs. Major companies like Microsoft, Google, and OpenAI are leading the way, advancing AI into "Phase 3," where tools act as digital assistants. Discover 5 AI hacks to boost efficiency and redefine your daily routine.

Leadership

Should I Stay or Should I Go? 8 Key Points to Navigate the Founder's Dilemma

Here are eight key signs that help founders determine whether to persevere or let go.