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.
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.”
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.