Byju's CEO Raveendran
Byju's CEO Raveendran. (Photo: cherian_in/Wikipedia)

ED conducts searches at Raveendran Byju’s residence, offices


Bengaluru — The Enforcement Directorate (ED) searched the residence and offices of Byju’s CEO Raveendran Byju here on Saturday.

ED in a tweet said the searches were conducted under the provisions of the Foreign Exchange Management Act (FEMA).

As per a TechCrunch report, various complaints from private individuals prompted the ED investigation. The agency had summoned Raveendran several times but he never appeared during the investigation.

The Bengaluru-based ed-tech company, backed by investors including BlackRock, Sequoia India, Lightspeed Venture Partners India, and UBS, referred to the Enforcement Directorate’s searches as a “routine inquiry.” The company said that it maintains complete transparency with the authorities and has provided all the information requested during the investigation.

This comes at a time when Byju’s is gearing up for the IPO of Aakash, its physical tutor chain.


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