ED to ask lenders and banks for more information about BYJU’s transactions

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The Enforcement Directorate (ED) has conducted search and seizure operations at sites associated to edtech platformBYJU’S and is now intending to write to lenders and banks as part of the company’s probe.

The ED wants to know about BYJU’s numerous transactions and loans. According to the agency, it conducted searches and seizures at three locations in Bengaluru in the case of Raveendran Byju and his company ‘Think & Learn Private Limited’ in accordance with the terms of the Foreign Exchange Management Act (FEMA). Several summonses were issued to the founder and CEO, Raveendran Byju, during the investigation, according to the agency, but he never appeared.

A statement from BYJU’s chief financial officer Ajay Goel was recorded during searches on Thursday and Friday, however he was unable to provide clarity on several transaction specifics. ED will seek information from lenders and banks to determine the capital flow and its source in transactions that demand further clarity.

In an email to BYJU staff, the CEO stated that the company is completely cooperating with authorities. “The recent ED visit is a FEMA investigation.” “The information requested by and furnished to the officers in connection with the FDI raised, overseas investments made, and cross-border transactions relating to BYJU’s marketing and branding activities has previously been submitted by our authorised representatives,” he stated. He went on to say that all of BYJU’s cross-border transactions had been thoroughly reviewed by both its professional advisors/counsel and the advisors/counsel of the investment funds and other sophisticated counterparties.

Sreejit Kumar
Sreejit Kumar
Hi, I'm Sreejit Kumar, a journalist with a Master's degree in Journalism. Through my education and professional experience, I have developed a keen eye for detail and a passion for uncovering the truth. As an author for this news website, I am committed to delivering accurate, timely, and engaging stories that inform and entertain our readers.

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ED to ask lenders and banks for more information about BYJU’s transactions

The Enforcement Directorate (ED) has conducted search and seizure operations at sites associated to edtech platformBYJU’S and is now intending to write to lenders and banks as part of the company’s probe.

The ED wants to know about BYJU’s numerous transactions and loans. According to the agency, it conducted searches and seizures at three locations in Bengaluru in the case of Raveendran Byju and his company ‘Think & Learn Private Limited’ in accordance with the terms of the Foreign Exchange Management Act (FEMA). Several summonses were issued to the founder and CEO, Raveendran Byju, during the investigation, according to the agency, but he never appeared.

A statement from BYJU’s chief financial officer Ajay Goel was recorded during searches on Thursday and Friday, however he was unable to provide clarity on several transaction specifics. ED will seek information from lenders and banks to determine the capital flow and its source in transactions that demand further clarity.

In an email to BYJU staff, the CEO stated that the company is completely cooperating with authorities. “The recent ED visit is a FEMA investigation.” “The information requested by and furnished to the officers in connection with the FDI raised, overseas investments made, and cross-border transactions relating to BYJU’s marketing and branding activities has previously been submitted by our authorised representatives,” he stated. He went on to say that all of BYJU’s cross-border transactions had been thoroughly reviewed by both its professional advisors/counsel and the advisors/counsel of the investment funds and other sophisticated counterparties.

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Sreejit Kumar
Sreejit Kumar
Hi, I'm Sreejit Kumar, a journalist with a Master's degree in Journalism. Through my education and professional experience, I have developed a keen eye for detail and a passion for uncovering the truth. As an author for this news website, I am committed to delivering accurate, timely, and engaging stories that inform and entertain our readers.

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