ED conducts raid at Byju's offices, CEO's house; several documents seized

BENGALURU: The Enforcement Directorate (ED) conducted raids at the offices of Edtech major Byju's as well as the residence of its CEO Raveendran Byju. The ED conducted the raids on the basis of the complaint that Byju's violated the Foreign Exchange Management Act (FEMA).

The ED said in a press release that it seized several documents and data during the raids. According to the ED, searches also revealed that the company has received foreign direct investment to the tune of Rs 28,000 crore (approximately) during the period from 2011 to 2023.

Further, ED said the company has also remitted Rs 9,754 crore (approximately) to various foreign jurisdictions during the same period in the name of overseas direct investment.