ED raids Byju’s premises, cites FEMA violations; routine probe, says firm

THE ENFORCEMENT Directorate (ED) on Saturday said it carried out searches at three premises linked to EdTech firm Byju’s in Bengaluru in connection with its probe into alleged foreign exchange violations.

Byju’s said the searches were part of a “routine inquiry”. It said it has been “completely transparent with the authorities” and would “continue to work closely” with them.

In a statement, the ED said it recovered “various incriminating documents and digital data” during its searches. “FEMA (Foreign Exchange Management Act) searches also revealed that the company has received foreign direct investment to the tune of Rs 28,000 crore (approx) during the period from 2011 to 2023.