Page 16 - Learn Private News Today

The Enforcement Directorate on Tuesday said it had issued showcause notices to edtech firm Think & Learn Private Limited and Byju Raveendran.

Byju's has been under the Enforcement Directorate's scanner for alleged foreign exchange violations since April 2023.

The agency has alleged violations by the company worth $1.1b under the FEMA: Report

Says top law firm's due diligence found no violations

Post final adjudication, the ED has powers to penalise FEMA violators up to three times the value of the amount mentioned in the show cause notice.

The ED probe is based on various complaints regarding the foreign investment received by Byju’s and its business conduct | Latest News India

The federal probe agency mentioned multiple grounds for charging the company and its chief promoter that included charges of 'failing' to submit documents of imports against advance remittances made outside India

The directorate is still in touch with global intelligence-sharing agencies to track the alleged violation in Byju's offshore funding process, highly placed sources in the ED told News18

New Delhi: The Enforcement Directorate (ED) Tuesday officially confirmed the issuance of a show cause notice to the edtech firm Think and Learn Private Limited, as well as to Byju Raveendran, in connection with a FEMA violation case.

The notices were issued on the basis of the complaint filed by the ED under FEMA for violation of the foreign exchange law, the agency said