ED conducts searches against BYJU's CEO Raveendran over FEMA violations

Enforcement Directorate (ED) said it has searched the Bengaluru-located office and residential premises of Edtech major BYJU's CEO Raveendran Bjyu and seized incriminating documents and digital data as part of a foreign exchange violation probe.

A total of three premises, two business and one residential, were raided recently under the provisions of the Foreign Exchange Management Act (FEMA), it said in a statement. The agency said it has seized various incriminating documents and digital data.

It said the action was taken on the basis of various complaints received by private people and alleged that Raveendran Bjyu was issued several summons but he remained evasive and never appeared before the ED.

The company also remitted about Rs 9,754 crore to various foreign jurisdictions during the same period in the name of overseas direct investment, the agency said.