Raid on Byju's offices and CEO Residence relating to Foreign Exchange worth 28000 crores
Raid on Byju's offices and CEO Residence relating to Foreign Exchange worth 28000 crores
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Before that, Byju’s founder and CEO
Byju Raveendran headlined the news when ED raid his office and residence in connection with foreign exchange worth INR Twenty Eight thousand crores which he had not showed any documents from the period of 2011 to 2023. The company stated that Redwood is acting for predatory practices and its necessary to control it for the benefit of Byjus. Whether the case is beneficial for the company or it adds to the trouble will be seen in the near future.
Byju’s is a popular learning app in India that gives opportunity to learn online with visuals effects that helps early learners to improve their academic performance. The app also gives coaching for competitive studies and is a well-known app with television commercials starring
Shahrukh Khan .
Several summon were sent to Byju Raveendran but he never appeared and supported investigations. FEMA found that the company received foreign direct investment worth, 28000 crores. The company has remitted Nine thousand seven hundred fifty-four crore to various foreign jurisdictions while was booked about Nine hundred forty-four crores in Advertisement and Market expenses.
The most surprising fact is that the company has not prepared its financial statement since financial year 2020-21 and nor it got the accounts audited, which is mandatory for all companies.
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