Contact Members/Sign Up Reg Form

ED requests lookout alert for Byju's CEO Byju Raveendran.

Photo-The Indian Express

The Enforcement Directorate (ED) has taken a significant step by requesting the Bureau of Immigration to issue a lookout circular (LOC) against Byju Raveendran, the CEO of the popular ed-tech company Byju’s. This move aims to prevent Raveendran from leaving the country without informing the investigating officer, signaling the seriousness of the ongoing investigation.

The ED's action follows the issuance of show cause notices to Think & Learn Private Limited, the parent company of Byju’s, and Raveendran in November last year. These notices were based on complaints alleging violations of the Foreign Exchange Management Act (FEMA) amounting to Rs 9,362.35 crore.

The agency has initiated an investigation into various complaints regarding foreign investments received by Think and Learn Private Ltd, as well as the business practices of the company. Allegations suggest significant foreign remittances and investments made abroad by the company, allegedly in violation of FEMA provisions, leading to revenue loss for the Central government.

In response to these allegations, the ED conducted searches at the premises of Think and Learn Private Limited and Raveendran's residence in April, seizing documents related to investments received by the company and its overseas investments. Statements of Raveendran and the Chief Financial Officer of Think and Learn were also recorded during the investigation.

Upon conclusion of the investigation, the ED found instances where Think & Learn Private Limited and Raveendran contravened FEMA provisions. These included failure to submit documents for imports against advance remittances made abroad, failure to realize proceeds from exports made outside India, delayed filing of documents for foreign direct investment (FDI) received, and failure to allot shares against FDI received by the company.

In April, the ED reported the recovery of various incriminating documents and digital data during the searches. The issuance of a lookout circular against Raveendran underscores the ED's commitment to thorough investigation and enforcement of financial regulations to uphold the integrity of India's economic system.

Feb. 22, 2024 4:01 p.m. 1159

#ByjuCEOInvestigation #EnforcementDirectorate #LookoutNotice #FEMAViolation #ByjusScandal #FinancialRegulation #IndiaEconomy #EDInvestigation #ThinkandLearn #RaveendranProbe #breakingnews #worldnews #headlines #topstories #globalUpdate #dxbnewsnetwork #dxbnews #dxbdnn #dxbnewsnetworkdnn

Pakistan blocked X due to 'misuse'; court finds it laughable.

global news / world news
April 17, 2024 5:50 p.m. 436

Pakistan blocks social media platform X....Read More.

UAE rains: in a 24-hour period, 136 search and rescue missions were carried out

uae news / uae-national
April 17, 2024 5:47 p.m. 343

UAE's recent heavy rains prompted 136 search-and-rescue operations within a day....Read More.

UAE rains: in a 24-hour period, 136 search and rescue missions were carried out

UAE's recent heavy rains prompted 136 search-and-rescue operations within a day.

20 injured and 11 killed in a Russian strike on a Ukrainian city.

Tragic toll: 11 dead, 20 wounded in Russian attack on Ukrainian city

Sharjah extends remote work until Thursday, April 18.

Sharjah government extends remote work for its entities, ensuring safety amid current conditions

SRK Makes Fan's Dream Come True: Yashasvi Jaiswal Meets Shah Rukh Khan

Yashasvi Jaiswal's wish to meet Shah Rukh Khan after the Royals' win was granted by the KKR co-owner, fulfilling his dream.

Kriti Sanon Radiates as a New Bride in Stunning Sindoori Red Lehenga

Kriti Sanon Stuns in Sindoori Red Lehenga from Manish Malhotra's Kashi Show, Exudes Bridal Charm

Unstable weather in UAE: Here are the updates.

Unstable weather expected to persist until Wednesday evening, as per NCM forecasts.

Japan achieves record monthly tourism numbers with a surge in visitors from India, Germany, and Taiwan

In March, Japan welcomed over 3 million tourists, a record high, with significant numbers arriving from India and the US.

Rain deluge strands Dubai residents in offices for over 30 hours.

Dubai chaos: Residents trapped in offices for over 30 hours due to rain deluge.

Stock market to BSE, NSE closed today for Ram Navami.

BSE, NSE closed today, April 17, for Ram Navami celebrations.

'Surya Tilak' adorns Ram Lalla's forehead at Ayodhya Temple on Ram Navami, radiating divine significance

On Ram Navami, 'Surya Tilak' graces Lord Ram Lalla's forehead at Ayodhya Temple, symbolizing divine radiance.

Biden aims for increased tariffs on Chinese steel to appeal to union voters

Biden pushes for elevated tariffs on Chinese steel while wooing union voters

Get In Touch

3001E, 30 Floor, Aspin Commercial Tower, Sheikh Zayed Road, Dubai, UAE

+971 56 450 3476

Follow Us

© DNN. All Rights Reserved.