Stay updated with breaking news from Ed Raids. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
The ED raids pertain to a massive scam wherein an illegal levy of Rs 25 was allegedly being extorted for every tonne of coal transported in Chhattisgarh, with businessman Suryakant Tiwari as the main accused.
Though a worrying trend in funding could imply that investors are looking the other way when it comes to the edtech space, the latter’s willingness to undertake reforms could change things around.
According to Karti, the ED should look at financial transactions involving cases of Narcotics or Terrorism instead of matters concerning foreign exchange as it’s not under their purview.
ED had on Saturday searched three premises in Bengaluru linked to the company over alleged foreign exchange law violations. Searches at 'Think & Learn Private Limited' (Byju's online learning platform) yielded "various incriminating documents and digital data was seized", ED had said. �� ED Raids BYJU's Office: CEO Byju Raveendran Says 'Brought More FDI to India Than Any Other Startup, Company in Compliance'.
The Directorate of Enforcement (ED) has conducted searches and seizure action at three premises in Bengaluru in the case of Raveendaran Byju and his company 'Think & Learn Private Limited' under the provisions of the Foreign Exchange Management Act (FEMA).