ED slaps Rs 9,300-cr FEMA notice against Byju's

November 21, 2023 21:38

The Enforcement Directorate on Tuesday said it has issued a foreign exchange violation show cause notice of more than Rs 9,300 crore against edtech major Byju's and its CEO and co-founder Raveendran Bjyu.

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; failing to realise proceeds of exports made outside India by delayed filing of documents against the Foreign Direct Investment received into the company, among others.

It said in a statement that a show cause notice has been issued to the registered company of BYJU's--Think & Learn Private Limited-- and Raveendran with respect to the contraventions of the provisions of the Foreign Exchange Management Act to the tune of Rs 9,362.35 crore.

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 agency said statements of Raveendran and Byju's chief financial officer were recorded after it carried out searches in this case at three premises, including at Raveendran's house, at Bengaluru in April. -- PTI

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