What Led to the ED’s Investigation of BYJU’S?

By Team Inc42

Last Week the Enforcement Directorate Conducted Search and Seizure Operations at Premises Linked to Edtech Giant BYJU’S.

The Raids Were Undertaken Under the Provisions of the Foreign Exchange Management Act (FEMA)

Under the Scanner Are Payments in Excess of INR 9,000 Cr, Which Were Routed to Foreign Jurisdiction Between 2011 and 2023

ED Also Flagged Concerns Around the Delay in Filing of Financial Statements by the Edtech Major Since the Financial Year 2020–21 (FY21)

Brought More FDI to India Than Any Other Startup, Complying With All Applicable Norms: Said BYJU’S CEO in an Email to All Employees

Further Investigations Into the Matter Are On. The Agency Said That the Probe Was Undertaken Based on Complaints Filed by Various Private Persons.