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The Adjudicating Authority of the Enforcement Directorate (ED) has issued 'show cause' notices to edtech firm Think and Learn Private Limited, and Byju Raveendran over alleged violation to the tune of Rs 9362.35 crore under the Foreign Exchange Management Act (FEMA) 1999.
In a recent development, the well-known edtech behemoth BYJU'S in India is now being investigated by the Enforcement Directorate (ED) for possible violations of the Foreign Exchange Management Act (FEMA), 1999.
This comes hours after the company issued a swift denial following reports, saying that it has not received any notice from the Enforcement Directorate.
In April this year, ED had conducted searches and seizure at three premises in Karnataka’s Bengaluru in connection with a case lodged against Byju Raveendaran and his company ‘Think & Learn Private Limited’ under the provisions of the FEMA.
The Enforcement Directorate (ED) has issued a notice to edtech major Byju's, asking it to pay Rs 9,000 crore for allegedly violating foreign funding laws, sources have said. The company has, however, denied receiving any such communication