ED has asked BYJU’s to pay Rs 9000 crore for violating foreign funding laws. ED finds irregularities worth Rs 9,000 crore in FEMA investigation against BYJU’s. Earlier this year, ED had conducted searches on the premises associated with BYJU’s and had said.
The company runs a popular online education portal by the name of Byju’s. Many incriminating documents and digital data were seized during the search and seizure operation.
The raids also revealed that the company has received foreign direct investment of Rs 28000 crore (approximately) during the period 2011 to 2023.
Apart from this, the company has also sent Rs 9754 crore (approximately) abroad in the name of foreign direct investment during the same period.
The company has collected approximately Rs 944 crore in the name of advertising and marketing expenses, which also includes money sent abroad.
The company has not prepared its financial statements for the financial year 2020-21 and has not got the accounts audited, which was necessary.
Therefore, the genuineness of the data provided by the company is being verified with the banks.
An investigation was started against it on the basis of complaints received from many private individuals.
During the investigation conducted by the ED, several summons were issued to founder and CEO Ravindran Byju. However, he always remained evasive and never appeared during the investigation.