Tuesday, June 25, 2024
HomeBusiness"Enforcement Directorate's Focus on Byju's CEO Byju Raveendran for FEMA Violations"

“Enforcement Directorate’s Focus on Byju’s CEO Byju Raveendran for FEMA Violations”

The Enforcement Directorate (ED) has intensified its scrutiny on Byju Raveendran, the CEO of renowned ed-tech company Byju’s, by requesting the issuance of a look-out circular (LOC) to prevent his departure from the country without notifying the investigation officer.

This action follows the issuance of showcause notices to Think & Learn Private Limited, the parent company of Byju’s, and Raveendran last November. These notices were issued based on allegations of contraventions of the Foreign Exchange Management Act (FEMA) amounting to Rs 9,362.35 crore.

The ED initiated an investigation based on several complaints concerning foreign investments received by Think and Learn Private Ltd and the business practices of the firm. It is alleged that the company made substantial foreign remittances and investments abroad, which purportedly violated FEMA provisions and led to revenue losses for the Central government.

Searches conducted at the premises of Think and Learn Private Limited and Raveendran’s residence in April yielded documents related to investments received and overseas investments made by the company. Upon conclusion of the investigation, it was determined that both the company and Raveendran had contravened FEMA provisions by failing to adhere to various regulations.

The ED’s proactive measures underscore its commitment to upholding financial regulations and addressing violations that undermine the country’s economic integrity. As the investigation progresses, all eyes will remain on Byju’s and its top leadership, highlighting the importance of compliance and accountability in the corporate landscape.

More like this

Notification Issued for Speaker Election: Om Birla and Purandeshwari in the Race! 

The political excitement surrounding the election of a new...

Anushka Shetty Faces Shooting Challenge Due to Rare Disease   

Anushka Shetty, who has made a mark in Telugu,...

Ticket Price Hike Approved for Kalki in Andhra Pradesh!    

On June 27, Nag Ashwin's Kalki 2898 AD, starring...

CM Revanth Reddy Special Focus on Warangal   

On June 28, Telangana Chief Minister Revanth Reddy is...

Top Stories