Under the provisions of the Foreign Exchange Management Act (FEMA), the ED raided two business premises associated with the company and one residential property associated with its founder, Raveendran Byju.During the raid, officials were able to seize incriminating documents and digital data, according to the ED. Between 2011 and 2023, Byju’s received Foreign Direct Investment (FDI) worth Rs 28,000 crore ($3.4 billion). Furthermore, the company sent Rs 9,754 crore ($1.1 billion) overseas as FDI, which is currently being investigated. Think and Learn Pvt Ltd, the company that runs the online private education portal, spent approximately Rs 944 crores ($115 million) on advertising and marketing. Notably, the ed-tech behemoth has not prepared its financial books since FY20-21 and has yet to undergo mandatory auditing.When asked about the Saturday raids, Byju’s legal team stated that they were cooperating with the authorities.
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