ED’s ‘Look Out Notice’ celebrated education-tech BYJU’S CEO, Byju Raveendran!

A notice has been reportedly issued against the CEO of celebrated education-tech BYJU. This happened as part of the agency’s probe into the foreign exchange management act (FEMA) against the EdTech firm. The Enforcement Directorate has issued a look out notice against the CEO, investor and founder of Byju’s, he is named Byju Raveendran. According to the latest reports, the notice has been issued as part of the agency’s probe into the foreign exchange management act against the EdTech firm.

look-out notice against Byju Raveendran over violations under FEMA!

It has been reported that even if Raveendran is overseas, after the LOC is issued, he will not be allowed to leave the country once he returns. “The LOC, once opened, will ensure that the interest of investors is safeguarded and the case is taken to its logical conclusion without any difficulty,” senior government official said to the reporters.

This move is actually aimed to prevent Raveendran from leaving this country. The central agency also approached BOI earlier this month for the issuance of a fresh LOC. According to the reports, the agency’s Bengaluru office is currently investigating alleged Foreign Exchange Management Act violations against the start-up and its founder.

The agency issued show-cause notices in November last year to Byju’s parent Think & Learn Pvt Ltd and Byju Raveendran. The notice alleged that they have violations of ₹9,362.35 crore under FEMA. The ED said in a statement, “The company was also stated to have made significant foreign remittances outside India and investments abroad which were allegedly in contravention of provisions of FEMA, 1999, and caused loss of revenue to the government of India.” Byju Raveendran has reportedly been travelling between Delhi and Dubai for the past three years. He was in Bengaluru earlier this week, the report claimed, adding that he was in Delhi last week on a work trip.