Bengaluru: The Enforcement Directorate on Saturday carried out searches at the three premises of Byju Raveendran, the founder and chief executive officer of ‘Think and Learn Private Ltd’ that runs edtech platform under the name of Byju’s.
The company runs popular online education portal in the name of Byju’s. During the search and seizure action various incriminating documents and digital data was seized.
The searches revealed that the ed-tech unicorn has received foreign direct investment (FDI) to the tune of ₹28,000 crore (approx) during 2011-2023.
Further, the company has also remitted roughly ₹9,754 crore to various foreign jurisdictions during the same period in the name of overseas direct investment.
Byju and his firm Think & Learn Pvt Ltd has booked around ₹944 crore in the name of advertisement and marketing expenses including the amount remitted to the foreign jurisdiction.
Besides, the company has not prepared its financial statements since FY 2021. and has not got the accounts audited, according to the press statement.
The probe against the platform was initiated based on various complaints received from private persons.
During the investigation conducted by the ED, several summonses were issued to the founder Byju Raveendaran, however, he remained evasive, the press statement added.
Further investigation is under process.
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