The Bureau of Immigration has been requested by the Enforcement Directorate (ED) to reissue a lookout notice against Byju Raveendran, the creator of Byju, in relation to an alleged ₹9,362 crore FEMA violation case.
After receiving a complaint from the Enforcement Directorate alleging ₹9,362.35 crore in contraventions, the Adjudicating Authority under the Foreign Exchange Management Act (FEMA) had already sent show cause notices to Byju Raveendran and Think & Learn Private Limited, the company that owns Byju’s.
Based on claims that the company obtained a foreign investment, made sizable transfers abroad, and invested abroad in “violation” of the Act, allegedly resulting in losses for the exchequer, the ED had started the FEMA investigation.
The agency collected pertinent papers in April by conducting searches at Think and Learn Private Limited facilities in Bangalore and at Mr. Raveendran’s residence, all based on the provided information. It added that it also captured his comments and the chief financial officer of the business.
The ED claimed to have discovered that the company and Mr. Raveendran had violated the FEMA’s provisions by neglecting to submit import documentation against advance remittances made outside of India, by failing to realize export proceeds, by delaying the filing of documentation against foreign direct investment (FDI) that the company had received, by neglecting to file documentation against FDI that the company had received outside of India, and by neglecting to allot shares against FDI received.
