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Lyca Productions has been involved with many big projects including ‘2.0’ and the ‘Ponniyin Selvan’ films, and is currently working on upcoming films starring Rajinikanth, Ajith and Kamal Haasan.

Under Part-C of the scam,

Hemkunt Foundation does social service work in places like Gurugram, Delhi, Haryana, etc. and gets donations from big industrial companies for social service work.

The officials expect to unearth the records of black money transactions as the searches advance during the day.

Best Media Info: ED had searched three premises in Bengaluru linked to the company on Saturday over alleged foreign exchange law violations| Marketing News

BYJU's might also have trouble raising funds going forward due to funding winter in the startup ecosystem.

Byju's was once valued at USD 22 billion and has attracted global investors such as General Atlantic, BlackRock and Sequoia Capital.

The ED said in a statement that it had found incriminating documents and digital data as part of a Foreign Exchange Management Act (FEMA) probe

It alleged that the company has not prepared its financial statements since financial year 2020-21 and has not got the accounts audited which is mandatory.

Byju’s controversies: The ED conducted searches on Byju’s premises in Bengaluru in connection with alleged foreign exchange violations on Saturday. But, this is not the first time that the ed-tech firm has come under the government scanner