ED conducts searches at Byju Raveendran’s premises

The Enforcement Directorate has started to look into Byju Raveendran, CEO of BYJU, and searches have been carried out at one of his homes and two of his commercial locations. According to the claims, several "incriminating documents and data" have been taken.

The founder of the ed-tech company has been charged with breaking foreign fundraising regulations. The Foreign Exchange Management Act's rules have reportedly been broken by Raveendran and his business.

According to reports, the action was conducted as a result of allegations from a number of sources and because the CEO had been "evasive" in response to the ED's summons.

After the raid at the Byju's premises, they issued an official statement.

"The recent visit by officials from the Enforcement Directorate (ED) in Bangalore was related to a routine inquiry under FEMA. We have been completely transparent with the authorities and have provided them with all the information they have requested. We have nothing but the utmost confidence in the integrity of our operations, and we are committed to upholding the highest standards of compliance and ethics. We will continue to work closely with the authorities to ensure that they have all the information they need, and we are confident that this matter will be resolved in a timely and satisfactory manner. We want to emphasize that it is business as usual at BYJU'S. We are committed to delivering high-quality educational products and services to our customers across India and the world. We remain focused on our mission to transform the way students learn and prepare for their future."