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HomeIndiaED Sends Notice to Byju's over 'Rs 9,362.35-Crore FEMA Violation'

Balanced News: ED Sends Notice to Byju’s over ‘Rs 9,362.35-Crore FEMA Violation’

Our 'quick read' news summary

Byju’s, a leading ed-tech company in India, has received a show-cause notice from the Enforcement Directorate for an alleged violation of Rs 9,362.35 crore under the Foreign Exchange Management Act (FEMA). The company is accused of taking loans from financiers on high interest rates without proper consent from families. The Enforcement Directorate is investigating the company’s offshore funding process and has hired a global agency for financial intelligence sharing. Byju Raveendran, the founder and CEO, has been summoned multiple times and raids have been conducted at the company’s premises. The investigation is ongoing.

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