30, November, 2023
HomeBusinessByju's Faces ED's Scrutiny Over Alleged FEMA Violations - A Closer Look

Byju’s Faces ED’s Scrutiny Over Alleged FEMA Violations – A Closer Look

Published on

The Enforcement Directorate (ED) has thrust edtech giant Byju’s under the spotlight, issuing a show-cause notice alleging Foreign Exchange Management Act (FEMA) violations amounting to a substantial Rs 9,000 crore, as per sources revealed to Media.

Read Also | BYJU’S Navigates Restructuring to Achieve Profitability Amid Challenges

The notice, a significant development, is directed not only at Byju’s but also at its founder, Byju Raveendran, and the entity Think and Learn Pvt Ltd. The ED’s actions come on the heels of an in-depth investigation into potential FEMA contraventions by one of India’s leading educational technology companies.

Contrary to these claims, Byju’s has staunchly denied any such allegations. In an official statement, the company asserted, “BYJU’S unequivocally denies media reports that insinuate it has received a notice from the Enforcement Department. The company has not received any such communication from the Enforcement Department.”

Read Also | ED Launches Investigation Into Congress’ Telangana Candidate Vivek Venkatswamy’s Financial Affairs Under FEMA

As the controversy unfolds, it brings to light the intricate challenges faced by major players in the edtech sector, raising questions about compliance and regulatory oversight. The implications of these allegations could potentially reshape the landscape of the edtech industry, making it a topic of keen interest for industry observers and stakeholders alike.

Stay tuned for further developments in this unfolding saga of regulatory scrutiny on Byju’s.

Latest articles

Veronika Rajek: The Model, the Confessions, and the Travis Kelce Twist

Ever caught wind of Veronika Rajek's name alongside Tom Brady and Travis Kelce and...

The Untold Story – Patrick Mahomes’ Parents, Pat Mahomes Sr. and Randi Martin and A Journey Beyond Marriage

Many fans crave insights into Patrick Mahomes' life, delving into the intriguing dynamics of...

LeBron James Surpasses Kareem Abdul-Jabbar’s NBA Minutes Record – A Glimpse into His Enduring Legacy and Future

LeBron James, the iconic player of the Los Angeles Lakers, recently achieved a historic...

More like this

Influential Philanthropists Nandan Nilekani, K P Singh, and Nikhil Kamath Shine on Forbes Asia List

In the latest release of Forbes Asia's Heroes of Philanthropy list, renowned business leaders...

Tata Technologies IPO Set for Strong Listing with 83% Grey Market Premium

Tata Technologies, gearing up for a November 30 listing, witnesses an impressive 83% surge...

Hosur to Get Multimodal Cargo Terminal: A Boost for Trade and Industry

The bustling town of Hosur, situated on the border of Karnataka, is set to...
Enable Notifications OK