{"id":5948,"date":"2023-11-22T06:38:57","date_gmt":"2023-11-22T06:38:57","guid":{"rendered":"https:\/\/jammubulletin.com\/site\/?p=5948"},"modified":"2023-11-22T06:38:57","modified_gmt":"2023-11-22T06:38:57","slug":"ed-slaps-over-rs-9300-cr-fema-notice-against-byjus-main-promoter-raveendran","status":"publish","type":"post","link":"https:\/\/jammubulletin.com\/site\/ed-slaps-over-rs-9300-cr-fema-notice-against-byjus-main-promoter-raveendran\/","title":{"rendered":"ED slaps over Rs 9,300 cr FEMA notice against BYJU\u2019s, main promoter Raveendran"},"content":{"rendered":"

NEW DELHI: The\u00a0<\/span><\/span>edtech\u00a0<\/span><\/span>giant\u00a0<\/span><\/span>BYJU\u00a0<\/span><\/span><\/a>and\u00a0<\/span><\/span>its\u00a0<\/span>CEO\u00a0<\/span><\/span>and\u00a0<\/span><\/span>co-founder,\u00a0<\/span><\/span>Raveendran\u00a0<\/span><\/span>Bjyu,\u00a0<\/span><\/span>were\u00a0<\/span><\/span>the\u00a0<\/span>targets\u00a0<\/span><\/span>of\u00a0<\/span><\/span>a\u00a0<\/span>show-cause\u00a0<\/span>notice\u00a0<\/span><\/span>for\u00a0<\/span><\/span>foreign\u00a0<\/span>exchange\u00a0<\/span><\/span>violations\u00a0<\/span><\/span>worth\u00a0<\/span><\/span>over\u00a0<\/span><\/span>Rs\u00a0<\/span><\/span>9,300\u00a0<\/span><\/span>crore,\u00a0<\/span><\/span>according\u00a0<\/span><\/span>to\u00a0<\/span>the\u00a0<\/span><\/span>Enforcement\u00a0<\/span>Directorate\u00a0<\/span><\/span>on\u00a0<\/span><\/span>Tuesday.<\/span><\/span><\/span> <\/span><\/span><\/span>The\u00a0<\/span>company\u00a0<\/span><\/span>and\u00a0<\/span><\/span>its\u00a0<\/span>chief\u00a0<\/span><\/span>promoter\u00a0<\/span><\/span>were\u00a0<\/span>charged\u00a0<\/span><\/span>on\u00a0<\/span>several\u00a0<\/span><\/span>counts\u00a0<\/span><\/span>by\u00a0<\/span><\/span>the\u00a0<\/span>federal\u00a0<\/span><\/span>probe\u00a0<\/span><\/span>agency.\u00a0<\/span><\/span>These\u00a0<\/span>counts\u00a0<\/span><\/span>included\u00a0<\/span><\/span>“failing”\u00a0<\/span><\/span>to\u00a0<\/span>submit\u00a0<\/span><\/span>import\u00a0<\/span>documents\u00a0<\/span><\/span>against\u00a0<\/span><\/span>advance\u00a0<\/span><\/span>remittances\u00a0<\/span><\/span>made\u00a0<\/span><\/span>outside\u00a0<\/span>of\u00a0<\/span><\/span>India\u00a0<\/span><\/span>and\u00a0<\/span><\/span>failing\u00a0<\/span><\/span>to\u00a0<\/span>realise\u00a0<\/span><\/span>export\u00a0<\/span>proceeds\u00a0<\/span><\/span>by\u00a0<\/span><\/span>delaying\u00a0<\/span><\/span>filing\u00a0<\/span><\/span>documents\u00a0<\/span><\/span>against\u00a0<\/span><\/span>foreign\u00a0<\/span>direct\u00a0<\/span>investment\u00a0<\/span>(FDI)\u00a0<\/span><\/span>received\u00a0<\/span><\/span>by\u00a0<\/span><\/span>the\u00a0<\/span>company.<\/span><\/span><\/span> <\/span><\/span><\/span>The\u00a0<\/span>statement\u00a0<\/span><\/span>stated\u00a0<\/span>that\u00a0<\/span><\/span>a\u00a0<\/span>show-cause\u00a0<\/span>notice\u00a0<\/span><\/span>regarding\u00a0<\/span><\/span>the\u00a0<\/span>violations\u00a0<\/span><\/span>of\u00a0<\/span><\/span>the\u00a0<\/span>Foreign\u00a0<\/span>Exchange\u00a0<\/span>Management\u00a0<\/span>Act\u00a0<\/span>(FEMA)\u00a0<\/span><\/span>to\u00a0<\/span>the\u00a0<\/span><\/span>tune\u00a0<\/span><\/span>of\u00a0<\/span><\/span>Rs\u00a0<\/span><\/span>9,362.35\u00a0<\/span><\/span>crore\u00a0<\/span><\/span>has\u00a0<\/span>been\u00a0<\/span><\/span>sent\u00a0<\/span>to\u00a0<\/span><\/span>Raveendran\u00a0<\/span><\/span>and\u00a0<\/span><\/span>the\u00a0<\/span>registered\u00a0<\/span>company\u00a0<\/span><\/span>of\u00a0<\/span><\/span>BYJU’s,\u00a0<\/span><\/span>Think\u00a0<\/span>&\u00a0<\/span>Learn\u00a0<\/span><\/span>Private\u00a0<\/span>Limited.<\/span><\/span><\/span> <\/span><\/span><\/span>The\u00a0<\/span>ED\u00a0<\/span><\/span>may\u00a0<\/span>fine\u00a0<\/span><\/span>FEMA\u00a0<\/span><\/span>violators\u00a0<\/span><\/span>up\u00a0<\/span>to\u00a0<\/span>three\u00a0<\/span>times\u00a0<\/span><\/span>the\u00a0<\/span>amount\u00a0<\/span><\/span>specified\u00a0<\/span>in\u00a0<\/span><\/span>the\u00a0<\/span>show\u00a0<\/span>cause\u00a0<\/span>notice\u00a0<\/span><\/span>following\u00a0<\/span><\/span>the\u00a0<\/span>final\u00a0<\/span><\/span>adjudication.<\/span><\/span><\/span> <\/span><\/span><\/span>The\u00a0<\/span>agency\u00a0<\/span><\/span>claimed\u00a0<\/span><\/span>that\u00a0<\/span>after\u00a0<\/span><\/span>conducting\u00a0<\/span><\/span>searches\u00a0<\/span><\/span>at\u00a0<\/span><\/span>three\u00a0<\/span>locations\u00a0<\/span><\/span>in\u00a0<\/span><\/span>April,\u00a0<\/span><\/span>including\u00a0<\/span><\/span>Raveendran’s\u00a0<\/span><\/span>home\u00a0<\/span><\/span>in\u00a0<\/span><\/span>Bengaluru,\u00a0<\/span><\/span>it\u00a0<\/span><\/span>recorded\u00a0<\/span><\/span>statements\u00a0<\/span><\/span>made\u00a0<\/span>by\u00a0<\/span><\/span>the\u00a0<\/span>chief\u00a0<\/span><\/span>financial\u00a0<\/span><\/span>officer\u00a0<\/span><\/span>of\u00a0<\/span><\/span>BYJU\u00a0<\/span><\/span>and\u00a0<\/span><\/span>Raveendran.<\/span><\/span><\/span> <\/span><\/span><\/span>It\u00a0<\/span><\/span>said\u00a0<\/span><\/span>the\u00a0<\/span>action\u00a0<\/span><\/span>was\u00a0<\/span>taken\u00a0<\/span><\/span>in\u00a0<\/span><\/span>response\u00a0<\/span>to\u00a0<\/span><\/span>complaints\u00a0<\/span><\/span>about\u00a0<\/span><\/span>Think\u00a0<\/span>&\u00a0<\/span>Learn\u00a0<\/span><\/span>Private\u00a0<\/span><\/span>Limited’s\u00a0<\/span><\/span>“business\u00a0<\/span><\/span>conduct”\u00a0<\/span><\/span>and\u00a0<\/span><\/span>the\u00a0<\/span>foreign\u00a0<\/span>investment\u00a0<\/span><\/span>it\u00a0<\/span><\/span>had\u00a0<\/span>received.<\/span><\/span><\/span> <\/span><\/span><\/span>According\u00a0<\/span><\/span>to\u00a0<\/span>the\u00a0<\/span><\/span>ED,\u00a0<\/span><\/span>the\u00a0<\/span>company\u00a0<\/span><\/span>was\u00a0<\/span>accused\u00a0<\/span><\/span>of\u00a0<\/span>making\u00a0<\/span><\/span>large\u00a0<\/span><\/span>foreign\u00a0<\/span>investments\u00a0<\/span><\/span>and\u00a0<\/span><\/span>remittances\u00a0<\/span><\/span>outside\u00a0<\/span>of\u00a0<\/span><\/span>India\u00a0<\/span><\/span>in\u00a0<\/span><\/span>violation\u00a0<\/span>of\u00a0<\/span><\/span>the\u00a0<\/span>terms\u00a0<\/span><\/span>of\u00a0<\/span><\/span>the\u00a0<\/span><\/span>FEMA,\u00a0<\/span><\/span>1999,\u00a0<\/span><\/span>resulting\u00a0<\/span>in\u00a0<\/span><\/span>revenue\u00a0<\/span>losses\u00a0<\/span><\/span>for\u00a0<\/span><\/span>the\u00a0<\/span>Indian\u00a0<\/span>government.<\/span><\/span><\/span><\/span><\/span><\/span>The\u00a0<\/span>ED\u00a0<\/span><\/span>stated\u00a0<\/span>that\u00a0<\/span><\/span>after\u00a0<\/span><\/span>conducting\u00a0<\/span><\/span>the\u00a0<\/span>investigation,\u00a0<\/span><\/span>it\u00a0<\/span><\/span>was\u00a0<\/span>discovered\u00a0<\/span><\/span>that\u00a0<\/span><\/span>Think\u00a0<\/span>&\u00a0<\/span>Learn\u00a0<\/span><\/span>Private\u00a0<\/span>Limited\u00a0<\/span><\/span>and\u00a0<\/span><\/span>Raveendran\u00a0<\/span><\/span>had\u00a0<\/span><\/span>“contravened”\u00a0<\/span><\/span>the\u00a0<\/span>FEMA\u00a0<\/span><\/span>provisions\u00a0<\/span><\/span>by\u00a0<\/span><\/span>neglecting\u00a0<\/span><\/span>to\u00a0<\/span>file\u00a0<\/span><\/span>import\u00a0<\/span>documents\u00a0<\/span><\/span>against\u00a0<\/span><\/span>advance\u00a0<\/span><\/span>remittances\u00a0<\/span><\/span>made\u00a0<\/span><\/span>outside\u00a0<\/span>of\u00a0<\/span><\/span>India,\u00a0<\/span><\/span>failing\u00a0<\/span><\/span>to\u00a0<\/span>realise\u00a0<\/span><\/span>export\u00a0<\/span>proceeds\u00a0<\/span><\/span>made\u00a0<\/span><\/span>outside\u00a0<\/span><\/span>of\u00a0<\/span><\/span>India,\u00a0<\/span><\/span>delaying\u00a0<\/span><\/span>the\u00a0<\/span>filing\u00a0<\/span><\/span>of\u00a0<\/span><\/span>documents\u00a0<\/span><\/span>against\u00a0<\/span><\/span>Foreign\u00a0<\/span>Direct\u00a0<\/span>Investment\u00a0<\/span>(FDI)\u00a0<\/span><\/span>received\u00a0<\/span><\/span>by\u00a0<\/span><\/span>the\u00a0<\/span>company,\u00a0<\/span><\/span>failing\u00a0<\/span>to\u00a0<\/span>file\u00a0<\/span><\/span>documents\u00a0<\/span><\/span>against\u00a0<\/span><\/span>FDI\u00a0<\/span><\/span>received\u00a0<\/span><\/span>by\u00a0<\/span><\/span>the\u00a0<\/span><\/span>company,\u00a0<\/span><\/span>and\u00a0<\/span><\/span>failing\u00a0<\/span><\/span>to\u00a0<\/span>allot\u00a0<\/span><\/span>shares\u00a0<\/span><\/span>against\u00a0<\/span><\/span>FDI\u00a0<\/span><\/span>received\u00a0<\/span><\/span>by\u00a0<\/span><\/span>the\u00a0<\/span>company.<\/span><\/span><\/span> <\/span><\/span><\/span>The\u00a0<\/span>Enforcement\u00a0<\/span>Directorate\u00a0<\/span>(ED)\u00a0<\/span><\/span>declared\u00a0<\/span><\/span>following\u00a0<\/span><\/span>the\u00a0<\/span>searches\u00a0<\/span><\/span>in\u00a0<\/span>April\u00a0<\/span><\/span>that\u00a0<\/span><\/span>“the\u00a0<\/span>company\u00a0<\/span><\/span>(Think\u00a0<\/span><\/span>&\u00a0<\/span><\/span>Learn\u00a0<\/span><\/span>Pvt.\u00a0<\/span><\/span>Ltd.)\u00a0<\/span><\/span>has\u00a0<\/span>not\u00a0<\/span>prepared\u00a0<\/span><\/span>its\u00a0<\/span><\/span>financial\u00a0<\/span>statements\u00a0<\/span><\/span>since\u00a0<\/span><\/span>2020-21\u00a0<\/span><\/span>fiscal\u00a0<\/span><\/span>and\u00a0<\/span><\/span>has\u00a0<\/span>not\u00a0<\/span>got\u00a0<\/span><\/span>the\u00a0<\/span>accounts,\u00a0<\/span><\/span>audited\u00a0<\/span><\/span>which\u00a0<\/span>is\u00a0<\/span><\/span>mandatory.”<\/span><\/span><\/span> <\/span><\/span><\/span>According\u00a0<\/span><\/span>to\u00a0<\/span>the\u00a0<\/span><\/span>searches,\u00a0<\/span><\/span>the\u00a0<\/span>company\u00a0<\/span><\/span>received\u00a0<\/span><\/span>approximately\u00a0<\/span><\/span>Rs\u00a0<\/span><\/span>28,000\u00a0<\/span><\/span>crore\u00a0<\/span><\/span>in\u00a0<\/span><\/span>foreign\u00a0<\/span>direct\u00a0<\/span>investment\u00a0<\/span>(FDI)\u00a0<\/span><\/span>between\u00a0<\/span><\/span>2011\u00a0<\/span><\/span>and\u00a0<\/span><\/span>2023.<\/span><\/span><\/span> <\/span><\/span><\/span>“The\u00a0<\/span>company\u00a0<\/span><\/span>also\u00a0<\/span><\/span>remitted\u00a0<\/span><\/span>about\u00a0<\/span>Rs\u00a0<\/span><\/span>9,754\u00a0<\/span><\/span>crore\u00a0<\/span><\/span>to\u00a0<\/span>various\u00a0<\/span><\/span>foreign\u00a0<\/span>jurisdictions\u00a0<\/span><\/span>during\u00a0<\/span><\/span>the\u00a0<\/span>same\u00a0<\/span><\/span>period\u00a0<\/span><\/span>in\u00a0<\/span><\/span>the\u00a0<\/span>name\u00a0<\/span><\/span>of\u00a0<\/span><\/span>overseas\u00a0<\/span><\/span>direct\u00a0<\/span><\/span>investment,”\u00a0<\/span><\/span>according\u00a0<\/span><\/span>to\u00a0<\/span>the\u00a0<\/span><\/span>agency.<\/span><\/span><\/span> <\/span><\/span><\/span>The\u00a0<\/span>ED\u00a0<\/span><\/span>claimed\u00a0<\/span><\/span>that\u00a0<\/span><\/span>the\u00a0<\/span>company\u00a0<\/span><\/span>recorded\u00a0<\/span><\/span>marketing\u00a0<\/span>and\u00a0<\/span>advertising\u00a0<\/span>costs\u00a0<\/span><\/span>totaling\u00a0<\/span><\/span>approximately\u00a0<\/span><\/span>Rs\u00a0<\/span><\/span>944\u00a0<\/span><\/span>crore,\u00a0<\/span><\/span>including\u00a0<\/span><\/span>money\u00a0<\/span><\/span>sent\u00a0<\/span>to\u00a0<\/span><\/span>overseas\u00a0<\/span><\/span>jurisdictions.<\/span><\/span><\/span> <\/span><\/span><\/span>In\u00a0<\/span><\/span>addition\u00a0<\/span>to\u00a0<\/span><\/span>offering\u00a0<\/span><\/span>early\u00a0<\/span>learning,\u00a0<\/span><\/span>middle\u00a0<\/span>school\u00a0<\/span><\/span>education,\u00a0<\/span><\/span>and\u00a0<\/span>test\u00a0<\/span><\/span>preparation,\u00a0<\/span><\/span>the\u00a0<\/span>Bengaluru-based\u00a0<\/span>company\u00a0<\/span><\/span>was\u00a0<\/span>co-founded\u00a0<\/span><\/span>by\u00a0<\/span><\/span>Raveendran\u00a0<\/span><\/span>Bjyu\u00a0<\/span><\/span>and\u00a0<\/span><\/span>his\u00a0<\/span>spouse,\u00a0<\/span><\/span>Divya\u00a0<\/span><\/span>Gokulnath.<\/span><\/span><\/span> <\/span><\/span><\/span>The\u00a0<\/span>company\u00a0<\/span><\/span>announced\u00a0<\/span><\/span>earlier\u00a0<\/span>this\u00a0<\/span>month\u00a0<\/span><\/span>that\u00a0<\/span>its\u00a0<\/span><\/span>operational\u00a0<\/span>losses\u00a0<\/span><\/span>in\u00a0<\/span><\/span>its\u00a0<\/span>core\u00a0<\/span>business\u00a0<\/span><\/span>for\u00a0<\/span><\/span>the\u00a0<\/span>fiscal\u00a0<\/span>year\u00a0<\/span>2021\u20132022\u00a0<\/span><\/span>had\u00a0<\/span>shrunk\u00a0<\/span><\/span>to\u00a0<\/span><\/span>Rs\u00a0<\/span><\/span>2,253\u00a0<\/span><\/span>crore.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n

\"ED
ED slaps over Rs 9,300 cr FEMA notice against BYJU\u2019s, main promoter Raveendran<\/figcaption><\/figure>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

NEW DELHI: The\u00a0edtech\u00a0giant\u00a0BYJU\u00a0and\u00a0its\u00a0CEO\u00a0and\u00a0co-founder,\u00a0Raveendran\u00a0Bjyu,\u00a0were\u00a0the\u00a0targets\u00a0of\u00a0a\u00a0show-cause\u00a0notice\u00a0for\u00a0foreign\u00a0exchange\u00a0violations\u00a0worth\u00a0over\u00a0Rs\u00a09,300\u00a0crore,\u00a0according\u00a0to\u00a0the\u00a0Enforcement\u00a0Directorate\u00a0on\u00a0Tuesday. The\u00a0company\u00a0and\u00a0its\u00a0chief\u00a0promoter\u00a0were\u00a0charged\u00a0on\u00a0several\u00a0counts\u00a0by\u00a0the\u00a0federal\u00a0probe\u00a0agency.\u00a0These\u00a0counts\u00a0included\u00a0“failing”\u00a0to\u00a0submit\u00a0import\u00a0documents\u00a0against\u00a0advance\u00a0remittances\u00a0made\u00a0outside\u00a0of\u00a0India\u00a0and\u00a0failing\u00a0to\u00a0realise\u00a0export\u00a0proceeds\u00a0by\u00a0delaying\u00a0filing\u00a0documents\u00a0against\u00a0foreign\u00a0direct\u00a0investment\u00a0(FDI)\u00a0received\u00a0by\u00a0the\u00a0company. The\u00a0statement\u00a0stated\u00a0that\u00a0a\u00a0show-cause\u00a0notice\u00a0regarding\u00a0the\u00a0violations\u00a0of\u00a0the\u00a0Foreign\u00a0Exchange\u00a0Management\u00a0Act\u00a0(FEMA)\u00a0to\u00a0the\u00a0tune\u00a0of\u00a0Rs\u00a09,362.35\u00a0crore\u00a0has\u00a0been\u00a0sent\u00a0to\u00a0Raveendran\u00a0and\u00a0the\u00a0registered\u00a0company\u00a0of\u00a0BYJU’s,\u00a0Think\u00a0&\u00a0Learn\u00a0Private\u00a0Limited. The\u00a0ED\u00a0may\u00a0fine\u00a0FEMA\u00a0violators\u00a0up\u00a0to\u00a0three\u00a0times\u00a0the\u00a0amount\u00a0specified\u00a0in\u00a0the\u00a0show\u00a0cause\u00a0notice\u00a0following\u00a0the\u00a0final\u00a0adjudication. The\u00a0agency\u00a0claimed\u00a0that\u00a0after\u00a0conducting\u00a0searches\u00a0at\u00a0three\u00a0locations\u00a0in\u00a0April,\u00a0including\u00a0Raveendran’s\u00a0home\u00a0in\u00a0Bengaluru,\u00a0it\u00a0recorded\u00a0statements\u00a0made\u00a0by\u00a0the\u00a0chief\u00a0financial\u00a0officer\u00a0of\u00a0BYJU\u00a0and\u00a0Raveendran. It\u00a0said\u00a0the\u00a0action\u00a0was\u00a0taken\u00a0in\u00a0response\u00a0to\u00a0complaints\u00a0about\u00a0Think\u00a0&\u00a0Learn\u00a0Private\u00a0Limited’s\u00a0“business\u00a0conduct”\u00a0and\u00a0the\u00a0foreign\u00a0investment\u00a0it\u00a0had\u00a0received. According\u00a0to\u00a0the\u00a0ED,\u00a0the\u00a0company\u00a0was\u00a0accused\u00a0of\u00a0making\u00a0large\u00a0foreign\u00a0investments\u00a0and\u00a0remittances\u00a0outside\u00a0of\u00a0India\u00a0in\u00a0violation\u00a0of\u00a0the\u00a0terms\u00a0of\u00a0the\u00a0FEMA,\u00a01999,\u00a0resulting\u00a0in\u00a0revenue\u00a0losses\u00a0for\u00a0the\u00a0Indian\u00a0government.The\u00a0ED\u00a0stated\u00a0that\u00a0after\u00a0conducting\u00a0the\u00a0investigation,\u00a0it\u00a0was\u00a0discovered\u00a0that\u00a0Think\u00a0&\u00a0Learn\u00a0Private\u00a0Limited\u00a0and\u00a0Raveendran\u00a0had\u00a0“contravened”\u00a0the\u00a0FEMA\u00a0provisions\u00a0by\u00a0neglecting\u00a0to\u00a0file\u00a0import\u00a0documents\u00a0against\u00a0advance\u00a0remittances\u00a0made\u00a0outside\u00a0of\u00a0India,\u00a0failing\u00a0to\u00a0realise\u00a0export\u00a0proceeds\u00a0made\u00a0outside\u00a0of\u00a0India,\u00a0delaying\u00a0the\u00a0filing\u00a0of\u00a0documents\u00a0against\u00a0Foreign\u00a0Direct\u00a0Investment\u00a0(FDI)\u00a0received\u00a0by\u00a0the\u00a0company,\u00a0failing\u00a0to\u00a0file\u00a0documents\u00a0against\u00a0FDI\u00a0received\u00a0by\u00a0the\u00a0company,\u00a0and\u00a0failing\u00a0to\u00a0allot\u00a0shares\u00a0against\u00a0FDI\u00a0received\u00a0by\u00a0the\u00a0company. The\u00a0Enforcement\u00a0Directorate\u00a0(ED)\u00a0declared\u00a0following\u00a0the\u00a0searches\u00a0in\u00a0April\u00a0that\u00a0“the\u00a0company\u00a0(Think\u00a0&\u00a0Learn\u00a0Pvt.\u00a0Ltd.)\u00a0has\u00a0not\u00a0prepared\u00a0its\u00a0financial\u00a0statements\u00a0since\u00a02020-21\u00a0fiscal\u00a0and\u00a0has\u00a0not\u00a0got\u00a0the\u00a0accounts,\u00a0audited\u00a0which\u00a0is\u00a0mandatory.” According\u00a0to\u00a0the\u00a0searches,\u00a0the\u00a0company\u00a0received\u00a0approximately\u00a0Rs\u00a028,000\u00a0crore\u00a0in\u00a0foreign\u00a0direct\u00a0investment\u00a0(FDI)\u00a0between\u00a02011\u00a0and\u00a02023. “The\u00a0company\u00a0also\u00a0remitted\u00a0about\u00a0Rs\u00a09,754\u00a0crore\u00a0to\u00a0various\u00a0foreign\u00a0jurisdictions\u00a0during\u00a0the\u00a0same\u00a0period\u00a0in\u00a0the\u00a0name\u00a0of\u00a0overseas\u00a0direct\u00a0investment,”\u00a0according\u00a0to\u00a0the\u00a0agency. The\u00a0ED\u00a0claimed\u00a0that\u00a0the\u00a0company\u00a0recorded\u00a0marketing\u00a0and\u00a0advertising\u00a0costs\u00a0totaling\u00a0approximately\u00a0Rs\u00a0944\u00a0crore,\u00a0including\u00a0money\u00a0sent\u00a0to\u00a0overseas\u00a0jurisdictions. In\u00a0addition\u00a0to\u00a0offering\u00a0early\u00a0learning,\u00a0middle\u00a0school\u00a0education,\u00a0and\u00a0test\u00a0preparation,\u00a0the\u00a0Bengaluru-based\u00a0company\u00a0was\u00a0co-founded\u00a0by\u00a0Raveendran\u00a0Bjyu\u00a0and\u00a0his\u00a0spouse,\u00a0Divya\u00a0Gokulnath. The\u00a0company\u00a0announced\u00a0earlier\u00a0this\u00a0month\u00a0that\u00a0its\u00a0operational\u00a0losses\u00a0in\u00a0its\u00a0core\u00a0business\u00a0for\u00a0the\u00a0fiscal\u00a0year\u00a02021\u20132022\u00a0had\u00a0shrunk\u00a0to\u00a0Rs\u00a02,253\u00a0crore.  <\/p>\n","protected":false},"author":2,"featured_media":5949,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[13,6,67,22,89],"tags":[],"class_list":["post-5948","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking-news","category-business","category-header","category-international","category-national"],"gutentor_comment":0,"yoast_head":"\nED slaps over Rs 9,300 cr FEMA notice against BYJU\u2019s, main promoter Raveendran - Jammu Bulletin<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/jammubulletin.com\/site\/ed-slaps-over-rs-9300-cr-fema-notice-against-byjus-main-promoter-raveendran\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ED slaps over Rs 9,300 cr FEMA notice against BYJU\u2019s, main promoter Raveendran - Jammu Bulletin\" \/>\n<meta property=\"og:description\" content=\"NEW DELHI: The\u00a0edtech\u00a0giant\u00a0BYJU\u00a0and\u00a0its\u00a0CEO\u00a0and\u00a0co-founder,\u00a0Raveendran\u00a0Bjyu,\u00a0were\u00a0the\u00a0targets\u00a0of\u00a0a\u00a0show-cause\u00a0notice\u00a0for\u00a0foreign\u00a0exchange\u00a0violations\u00a0worth\u00a0over\u00a0Rs\u00a09,300\u00a0crore,\u00a0according\u00a0to\u00a0the\u00a0Enforcement\u00a0Directorate\u00a0on\u00a0Tuesday. The\u00a0company\u00a0and\u00a0its\u00a0chief\u00a0promoter\u00a0were\u00a0charged\u00a0on\u00a0several\u00a0counts\u00a0by\u00a0the\u00a0federal\u00a0probe\u00a0agency.\u00a0These\u00a0counts\u00a0included\u00a0“failing”\u00a0to\u00a0submit\u00a0import\u00a0documents\u00a0against\u00a0advance\u00a0remittances\u00a0made\u00a0outside\u00a0of\u00a0India\u00a0and\u00a0failing\u00a0to\u00a0realise\u00a0export\u00a0proceeds\u00a0by\u00a0delaying\u00a0filing\u00a0documents\u00a0against\u00a0foreign\u00a0direct\u00a0investment\u00a0(FDI)\u00a0received\u00a0by\u00a0the\u00a0company. The\u00a0statement\u00a0stated\u00a0that\u00a0a\u00a0show-cause\u00a0notice\u00a0regarding\u00a0the\u00a0violations\u00a0of\u00a0the\u00a0Foreign\u00a0Exchange\u00a0Management\u00a0Act\u00a0(FEMA)\u00a0to\u00a0the\u00a0tune\u00a0of\u00a0Rs\u00a09,362.35\u00a0crore\u00a0has\u00a0been\u00a0sent\u00a0to\u00a0Raveendran\u00a0and\u00a0the\u00a0registered\u00a0company\u00a0of\u00a0BYJU’s,\u00a0Think\u00a0&\u00a0Learn\u00a0Private\u00a0Limited. The\u00a0ED\u00a0may\u00a0fine\u00a0FEMA\u00a0violators\u00a0up\u00a0to\u00a0three\u00a0times\u00a0the\u00a0amount\u00a0specified\u00a0in\u00a0the\u00a0show\u00a0cause\u00a0notice\u00a0following\u00a0the\u00a0final\u00a0adjudication. The\u00a0agency\u00a0claimed\u00a0that\u00a0after\u00a0conducting\u00a0searches\u00a0at\u00a0three\u00a0locations\u00a0in\u00a0April,\u00a0including\u00a0Raveendran’s\u00a0home\u00a0in\u00a0Bengaluru,\u00a0it\u00a0recorded\u00a0statements\u00a0made\u00a0by\u00a0the\u00a0chief\u00a0financial\u00a0officer\u00a0of\u00a0BYJU\u00a0and\u00a0Raveendran. It\u00a0said\u00a0the\u00a0action\u00a0was\u00a0taken\u00a0in\u00a0response\u00a0to\u00a0complaints\u00a0about\u00a0Think\u00a0&\u00a0Learn\u00a0Private\u00a0Limited’s\u00a0“business\u00a0conduct”\u00a0and\u00a0the\u00a0foreign\u00a0investment\u00a0it\u00a0had\u00a0received. According\u00a0to\u00a0the\u00a0ED,\u00a0the\u00a0company\u00a0was\u00a0accused\u00a0of\u00a0making\u00a0large\u00a0foreign\u00a0investments\u00a0and\u00a0remittances\u00a0outside\u00a0of\u00a0India\u00a0in\u00a0violation\u00a0of\u00a0the\u00a0terms\u00a0of\u00a0the\u00a0FEMA,\u00a01999,\u00a0resulting\u00a0in\u00a0revenue\u00a0losses\u00a0for\u00a0the\u00a0Indian\u00a0government.The\u00a0ED\u00a0stated\u00a0that\u00a0after\u00a0conducting\u00a0the\u00a0investigation,\u00a0it\u00a0was\u00a0discovered\u00a0that\u00a0Think\u00a0&\u00a0Learn\u00a0Private\u00a0Limited\u00a0and\u00a0Raveendran\u00a0had\u00a0“contravened”\u00a0the\u00a0FEMA\u00a0provisions\u00a0by\u00a0neglecting\u00a0to\u00a0file\u00a0import\u00a0documents\u00a0against\u00a0advance\u00a0remittances\u00a0made\u00a0outside\u00a0of\u00a0India,\u00a0failing\u00a0to\u00a0realise\u00a0export\u00a0proceeds\u00a0made\u00a0outside\u00a0of\u00a0India,\u00a0delaying\u00a0the\u00a0filing\u00a0of\u00a0documents\u00a0against\u00a0Foreign\u00a0Direct\u00a0Investment\u00a0(FDI)\u00a0received\u00a0by\u00a0the\u00a0company,\u00a0failing\u00a0to\u00a0file\u00a0documents\u00a0against\u00a0FDI\u00a0received\u00a0by\u00a0the\u00a0company,\u00a0and\u00a0failing\u00a0to\u00a0allot\u00a0shares\u00a0against\u00a0FDI\u00a0received\u00a0by\u00a0the\u00a0company. The\u00a0Enforcement\u00a0Directorate\u00a0(ED)\u00a0declared\u00a0following\u00a0the\u00a0searches\u00a0in\u00a0April\u00a0that\u00a0“the\u00a0company\u00a0(Think\u00a0&\u00a0Learn\u00a0Pvt.\u00a0Ltd.)\u00a0has\u00a0not\u00a0prepared\u00a0its\u00a0financial\u00a0statements\u00a0since\u00a02020-21\u00a0fiscal\u00a0and\u00a0has\u00a0not\u00a0got\u00a0the\u00a0accounts,\u00a0audited\u00a0which\u00a0is\u00a0mandatory.” According\u00a0to\u00a0the\u00a0searches,\u00a0the\u00a0company\u00a0received\u00a0approximately\u00a0Rs\u00a028,000\u00a0crore\u00a0in\u00a0foreign\u00a0direct\u00a0investment\u00a0(FDI)\u00a0between\u00a02011\u00a0and\u00a02023. “The\u00a0company\u00a0also\u00a0remitted\u00a0about\u00a0Rs\u00a09,754\u00a0crore\u00a0to\u00a0various\u00a0foreign\u00a0jurisdictions\u00a0during\u00a0the\u00a0same\u00a0period\u00a0in\u00a0the\u00a0name\u00a0of\u00a0overseas\u00a0direct\u00a0investment,”\u00a0according\u00a0to\u00a0the\u00a0agency. The\u00a0ED\u00a0claimed\u00a0that\u00a0the\u00a0company\u00a0recorded\u00a0marketing\u00a0and\u00a0advertising\u00a0costs\u00a0totaling\u00a0approximately\u00a0Rs\u00a0944\u00a0crore,\u00a0including\u00a0money\u00a0sent\u00a0to\u00a0overseas\u00a0jurisdictions. In\u00a0addition\u00a0to\u00a0offering\u00a0early\u00a0learning,\u00a0middle\u00a0school\u00a0education,\u00a0and\u00a0test\u00a0preparation,\u00a0the\u00a0Bengaluru-based\u00a0company\u00a0was\u00a0co-founded\u00a0by\u00a0Raveendran\u00a0Bjyu\u00a0and\u00a0his\u00a0spouse,\u00a0Divya\u00a0Gokulnath. The\u00a0company\u00a0announced\u00a0earlier\u00a0this\u00a0month\u00a0that\u00a0its\u00a0operational\u00a0losses\u00a0in\u00a0its\u00a0core\u00a0business\u00a0for\u00a0the\u00a0fiscal\u00a0year\u00a02021\u20132022\u00a0had\u00a0shrunk\u00a0to\u00a0Rs\u00a02,253\u00a0crore.  \" \/>\n<meta property=\"og:url\" content=\"https:\/\/jammubulletin.com\/site\/ed-slaps-over-rs-9300-cr-fema-notice-against-byjus-main-promoter-raveendran\/\" \/>\n<meta property=\"og:site_name\" content=\"Jammu Bulletin\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/jammubulletinnews\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-22T06:38:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/jammubulletin.com\/site\/wp-content\/uploads\/2023\/11\/Screenshot-2023-11-22-at-12.05.49-PM.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1542\" \/>\n\t<meta property=\"og:image:height\" content=\"864\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"editor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"editor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/jammubulletin.com\/site\/ed-slaps-over-rs-9300-cr-fema-notice-against-byjus-main-promoter-raveendran\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/jammubulletin.com\/site\/ed-slaps-over-rs-9300-cr-fema-notice-against-byjus-main-promoter-raveendran\/\"},\"author\":{\"name\":\"editor\",\"@id\":\"https:\/\/jammubulletin.com\/site\/#\/schema\/person\/f3c17a1937e1f28a8046d670255ba6c3\"},\"headline\":\"ED slaps over Rs 9,300 cr FEMA notice against BYJU\u2019s, main promoter Raveendran\",\"datePublished\":\"2023-11-22T06:38:57+00:00\",\"dateModified\":\"2023-11-22T06:38:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/jammubulletin.com\/site\/ed-slaps-over-rs-9300-cr-fema-notice-against-byjus-main-promoter-raveendran\/\"},\"wordCount\":499,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/jammubulletin.com\/site\/#organization\"},\"articleSection\":[\"Breaking News\",\"Business\",\"header\",\"International\",\"National\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/jammubulletin.com\/site\/ed-slaps-over-rs-9300-cr-fema-notice-against-byjus-main-promoter-raveendran\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/jammubulletin.com\/site\/ed-slaps-over-rs-9300-cr-fema-notice-against-byjus-main-promoter-raveendran\/\",\"url\":\"https:\/\/jammubulletin.com\/site\/ed-slaps-over-rs-9300-cr-fema-notice-against-byjus-main-promoter-raveendran\/\",\"name\":\"ED slaps over Rs 9,300 cr FEMA notice against BYJU\u2019s, main promoter Raveendran - 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The\u00a0company\u00a0and\u00a0its\u00a0chief\u00a0promoter\u00a0were\u00a0charged\u00a0on\u00a0several\u00a0counts\u00a0by\u00a0the\u00a0federal\u00a0probe\u00a0agency.\u00a0These\u00a0counts\u00a0included\u00a0“failing”\u00a0to\u00a0submit\u00a0import\u00a0documents\u00a0against\u00a0advance\u00a0remittances\u00a0made\u00a0outside\u00a0of\u00a0India\u00a0and\u00a0failing\u00a0to\u00a0realise\u00a0export\u00a0proceeds\u00a0by\u00a0delaying\u00a0filing\u00a0documents\u00a0against\u00a0foreign\u00a0direct\u00a0investment\u00a0(FDI)\u00a0received\u00a0by\u00a0the\u00a0company. The\u00a0statement\u00a0stated\u00a0that\u00a0a\u00a0show-cause\u00a0notice\u00a0regarding\u00a0the\u00a0violations\u00a0of\u00a0the\u00a0Foreign\u00a0Exchange\u00a0Management\u00a0Act\u00a0(FEMA)\u00a0to\u00a0the\u00a0tune\u00a0of\u00a0Rs\u00a09,362.35\u00a0crore\u00a0has\u00a0been\u00a0sent\u00a0to\u00a0Raveendran\u00a0and\u00a0the\u00a0registered\u00a0company\u00a0of\u00a0BYJU’s,\u00a0Think\u00a0&\u00a0Learn\u00a0Private\u00a0Limited. The\u00a0ED\u00a0may\u00a0fine\u00a0FEMA\u00a0violators\u00a0up\u00a0to\u00a0three\u00a0times\u00a0the\u00a0amount\u00a0specified\u00a0in\u00a0the\u00a0show\u00a0cause\u00a0notice\u00a0following\u00a0the\u00a0final\u00a0adjudication. The\u00a0agency\u00a0claimed\u00a0that\u00a0after\u00a0conducting\u00a0searches\u00a0at\u00a0three\u00a0locations\u00a0in\u00a0April,\u00a0including\u00a0Raveendran’s\u00a0home\u00a0in\u00a0Bengaluru,\u00a0it\u00a0recorded\u00a0statements\u00a0made\u00a0by\u00a0the\u00a0chief\u00a0financial\u00a0officer\u00a0of\u00a0BYJU\u00a0and\u00a0Raveendran. It\u00a0said\u00a0the\u00a0action\u00a0was\u00a0taken\u00a0in\u00a0response\u00a0to\u00a0complaints\u00a0about\u00a0Think\u00a0&\u00a0Learn\u00a0Private\u00a0Limited’s\u00a0“business\u00a0conduct”\u00a0and\u00a0the\u00a0foreign\u00a0investment\u00a0it\u00a0had\u00a0received. According\u00a0to\u00a0the\u00a0ED,\u00a0the\u00a0company\u00a0was\u00a0accused\u00a0of\u00a0making\u00a0large\u00a0foreign\u00a0investments\u00a0and\u00a0remittances\u00a0outside\u00a0of\u00a0India\u00a0in\u00a0violation\u00a0of\u00a0the\u00a0terms\u00a0of\u00a0the\u00a0FEMA,\u00a01999,\u00a0resulting\u00a0in\u00a0revenue\u00a0losses\u00a0for\u00a0the\u00a0Indian\u00a0government.The\u00a0ED\u00a0stated\u00a0that\u00a0after\u00a0conducting\u00a0the\u00a0investigation,\u00a0it\u00a0was\u00a0discovered\u00a0that\u00a0Think\u00a0&\u00a0Learn\u00a0Private\u00a0Limited\u00a0and\u00a0Raveendran\u00a0had\u00a0“contravened”\u00a0the\u00a0FEMA\u00a0provisions\u00a0by\u00a0neglecting\u00a0to\u00a0file\u00a0import\u00a0documents\u00a0against\u00a0advance\u00a0remittances\u00a0made\u00a0outside\u00a0of\u00a0India,\u00a0failing\u00a0to\u00a0realise\u00a0export\u00a0proceeds\u00a0made\u00a0outside\u00a0of\u00a0India,\u00a0delaying\u00a0the\u00a0filing\u00a0of\u00a0documents\u00a0against\u00a0Foreign\u00a0Direct\u00a0Investment\u00a0(FDI)\u00a0received\u00a0by\u00a0the\u00a0company,\u00a0failing\u00a0to\u00a0file\u00a0documents\u00a0against\u00a0FDI\u00a0received\u00a0by\u00a0the\u00a0company,\u00a0and\u00a0failing\u00a0to\u00a0allot\u00a0shares\u00a0against\u00a0FDI\u00a0received\u00a0by\u00a0the\u00a0company. The\u00a0Enforcement\u00a0Directorate\u00a0(ED)\u00a0declared\u00a0following\u00a0the\u00a0searches\u00a0in\u00a0April\u00a0that\u00a0“the\u00a0company\u00a0(Think\u00a0&\u00a0Learn\u00a0Pvt.\u00a0Ltd.)\u00a0has\u00a0not\u00a0prepared\u00a0its\u00a0financial\u00a0statements\u00a0since\u00a02020-21\u00a0fiscal\u00a0and\u00a0has\u00a0not\u00a0got\u00a0the\u00a0accounts,\u00a0audited\u00a0which\u00a0is\u00a0mandatory.” According\u00a0to\u00a0the\u00a0searches,\u00a0the\u00a0company\u00a0received\u00a0approximately\u00a0Rs\u00a028,000\u00a0crore\u00a0in\u00a0foreign\u00a0direct\u00a0investment\u00a0(FDI)\u00a0between\u00a02011\u00a0and\u00a02023. “The\u00a0company\u00a0also\u00a0remitted\u00a0about\u00a0Rs\u00a09,754\u00a0crore\u00a0to\u00a0various\u00a0foreign\u00a0jurisdictions\u00a0during\u00a0the\u00a0same\u00a0period\u00a0in\u00a0the\u00a0name\u00a0of\u00a0overseas\u00a0direct\u00a0investment,”\u00a0according\u00a0to\u00a0the\u00a0agency. The\u00a0ED\u00a0claimed\u00a0that\u00a0the\u00a0company\u00a0recorded\u00a0marketing\u00a0and\u00a0advertising\u00a0costs\u00a0totaling\u00a0approximately\u00a0Rs\u00a0944\u00a0crore,\u00a0including\u00a0money\u00a0sent\u00a0to\u00a0overseas\u00a0jurisdictions. In\u00a0addition\u00a0to\u00a0offering\u00a0early\u00a0learning,\u00a0middle\u00a0school\u00a0education,\u00a0and\u00a0test\u00a0preparation,\u00a0the\u00a0Bengaluru-based\u00a0company\u00a0was\u00a0co-founded\u00a0by\u00a0Raveendran\u00a0Bjyu\u00a0and\u00a0his\u00a0spouse,\u00a0Divya\u00a0Gokulnath. 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