New Delhi: The Enforcement Directorate (ED) has issued a show-cause notice to Byju’s, alleging Foreign Exchange Management Act (FEMA) violations amounting to Rs 9,000 crore, sources told CNBC-TV18.
The notice extends to Byju Raveendran, founder of Byju’s, and Think and Learn Pvt Ltd. The ED’s action follows an investigation into potential FEMA contraventions by the prominent edtech company.
Byju’s received foreign direct investment (FDI) of around Rs 28,000 crore between 2011 and 2023. The edtech major remitted around 9,754 crore to foreign jurisdictions during the same period in the name of overseas direct investment, NDTV reported quoting sources.
Denying this, Byju’s has said in a statement, “BYJU’S unequivocally denies media reports that insinuate it has received a notice from the Enforcement Department. The company has not received any such communication from the Enforcement Department.”
— BYJU’S (@BYJUS) November 21, 2023
