The Adjudicating Authority under the Foreign Exchange Management Act (FEMA) has issued show cause notices to Think & Learn Private Limited, which runs education portal Byju’s, and Byju Raveendran, based on the Enforcement Directorate’s complaint alleging contraventions involving ₹9,362.35 crore, said the agency on Tuesday.
The statement came hours after, through its X handle, Byju’s denied media reports insinuating any FEMA violation on its part. “The company has not received any such communication from authorities,” it said.
The ED had initiated the FEMA inquiry based on allegations about the foreign investment received, significant foreign remittances, and overseas investments made by the company in “violation” of the Act, purportedly causing losses to the exchequer.
