ED issues notice to Byju's over Fema violations

The Enforcement Directorate (ED) has issued show cause notices to Think and Learn Pvt Ltd that runs test prep start-up Byju's and its founder Byju Raveendran, alleging that they violated India's foreign exchange law and caused losses to the exchequer on funds worth as much as ₹9,362 crore.

- Neeraj Chauhan

"Think and Learn Private Limited and Byju Raveendran have contravened the provisions of Fema (Foreign Exchange Management Act) by failing to submit documents of imports against advance remittances made outside India, by failing to realize proceeds of exports made outside India, by delayed filing of documents against the Foreign Direct Investment (FDI) received into the company, by failing to file documents against the remittances made by the company outside India and by failing to allot shares against FDI received into the company," the agency that investigates financial crimes said in a statement on Tuesday

The ED has recorded the statement Byju Raveendran during its investigation, the federal agency said.