ED Conducts Search and Seizure Operations at BYJU's CEO's Premises in Bengaluru

The Enforcement Directorate (ED) has conducted search and seizure operations at three premises belonging to Raveendaran Byju and his company, 'Think & Learn Private Limited', in Bengaluru on Saturday. The action was taken under the provisions of the Foreign Exchange Management Act (FEMA), according to an official. Byju's is a popular online education portal, and during the search, various incriminating documents and digital data were seized. The FEMA searches revealed that the company had received foreign direct investment worth Rs 28,000 crore between 2011 and 2023. Additionally, the company had remitted Rs 9754 crore to various foreign jurisdictions during the same period in the name of overseas direct investment, said the official. The ED claimed that despite several summons, BYJU's CEO Raveendran failed to attend before them or respond to the summons. As many complaints had been raised by private individuals, the ED initiated search operations at the CEO's residence and offices.