Monday, June 5, 2023
HomeBusinessByju's clarifies on ED's raid, told employees - no rigging

Byju’s clarifies on ED’s raid, told employees – no rigging

ED Searches Byju: Edutech startup Byju’s has presented its clarification the next day after the Enforcement Directorate (ED) action. Ravindran Byju, CEO of Unicorn Company, has written a letter addressed to the employees regarding this on Sunday. He has claimed that there has been no rigging or any kind of disturbance on the part of the company.

Ravindran told about these deals

Ravindran says that the latest action of ED is the inquiry done under FEMA. The information and information that was sought, had already been submitted by the representatives. Byju’s CEO said that the company has made several acquisitions outside the country during the last few years, which is part of its strategy to move forward. These deals have played an important role in expanding the reach and influence of the company. To finance these deals, we sent some funds out of the country.

Ravindran’s premises were searched

Let us tell you that the ED had issued a statement a day ago i.e. on Saturday that it has searched three locations of Byju. The agency has received many objectionable documents and suspicious data during this action. The searches were conducted at the office and residential premises of the company’s Chief Executive Officer Ravindran Byju in Bengaluru.

ED is suspicious of this money

The investigating agency had told in the statement that several summons were sent to Ravindran Byju, but he never appeared before the ED. During the search, it was found that Think and Learn Private Limited, a company of Ravindran Byju, received about Rs 28,000 crore under Foreign Direct Investment (FDI) during 2011 to 2023. The company also sent about Rs 9,754 crore out of the country in the name of foreign direct investment during this period. The company showed an expenditure of about Rs 944 crore in the name of advertising and marketing, which also included the amount sent outside the country. The agency feels that the company has made some mistakes in this information.

CEO assured the employees

On the other hand, Bengaluru-based startup Byju’s had said yesterday that the ED’s action is a routine investigation and the company has taken full transparency with the agency. The company has provided all the information sought. Ravindran has reiterated these things in the latest letter as well. He has said that the company has made every effort to fully comply with all foreign exchange laws that are applicable. He also assured the employees that they are fully cooperating with the authorities.

Ravindran is sure of this

Raveendran said that his company has been funded by more than 70 investors. All the investors have done their due diligence on Byju’s operations and have been satisfied. Ravindran expressed confidence that the authorities would also come to the same conclusion. He said, I understand that the latest news must have caused concern, but want to assure that we stand firmly in our commitment to our students and our vision.


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