The Enforcement Directorate has asked the Bureau of Immigration to issue a look-out-circular (LOC) against Byju Raveendran, the CEO of ed-tech company Byju’s to ensure that he does not leave the country without intimating the investigation officer.
In November last year, the agency has issued showcause notices to Think & Learn Private Limited, the parent company of Byju’s, and Raveendran on the basis of a complaint filed against alleged contraventions of Foreign Exchange Management Act (FEMA) to the tune of Rs 9,362.35 crore.
An official said they have issued a fresh request with the Immigration Department and they have opened an LOC against him.
The Central agency said it had initiated investigation on the basis of various complaints regarding foreign investments received by Think and Learn Private Ltd and the business conduct of the firm.
“The company was also stated to have made significant foreign remittances outside India and investments abroad, which were allegedly in contravention of the provisions of FEMA, 1999, and caused loss of revenue to the Central government,” an ED spokesperson had said.
“Based on the information, the ED conducted searches on the premises of Think and Learn Private Limited and Raveendran’s residence on April 27 and 28. It seized documents pertaining to all investments received by the company as well as documents pertaining to the overseas investments made by it,” the spokesperson said.
During the investigation, the ED recorded the statements of Raveendran and the Chief Financial Officer of Think and Learn.
“On conclusion of the investigation, it was found that M/s Think & Learn Private Limited and Raveendran had contravened the provisions of FEMA by failing to submit documents of imports against advance remittances made outside India, by failing to realise the proceeds of exports made outside India, by delayed filing of documents against the Foreign Direct Investment (FDI) received into the company, by failing to file documents against the remittances made by the company outside India and by failing to allot shares against FDI received into the company,” the spokesperson said.
In April, after conducting searches, the ED had said it recovered “various incriminating documents and digital data”.
