No evidence of FEMA violations found in BYJU'S investigation: Report
A spokesperson for BYJU'S said that the ED visit was related to a routine inquiry under FEMA, and there have been no violations under FEMA by the company
- May 7, 2023,
- Updated May 7, 2023 2:40 PM IST
BYJU'S, the Indian edtech firm, is currently under investigation by the Enforcement Directorate (ED) for alleged foreign exchange violations. The ED had earlier conducted searches at three premises linked to BYJU'S in Bengaluru, but so far, no Foreign Exchange Management Act (FEMA) violations have been found, according to IANS sources.
During the searches, the ED had collected various incriminating documents and digital data, but according to sources, no evidence of FEMA violations was found. The investigations are still at an early stage. A top ED official told IANS that they cannot comment on the ongoing investigation.
The company has received a foreign direct investment of approximately Rs 28,000 crore from 2011 to 2023 and remitted about Rs 9,754 crore to various foreign jurisdictions during the same period in the name of overseas direct investment, according to FEMA searches.
A spokesperson for BYJU'S said that the ED visit was related to a routine inquiry under FEMA, and there have been no violations under FEMA by the company. The spokesperson added that the company has been completely transparent with the authorities and has provided them with all the requested information.
"We have nothing but the utmost confidence in the integrity of our operations, and we are committed to upholding the highest standards of compliance and ethics," the spokesperson said.
The company stated that it will continue to work closely with the authorities to ensure that they have all the information they need and expressed confidence that the matter will be resolved in a timely and satisfactory manner. BYJU emphasised that it is business as usual at the firm.
BYJU'S, the Indian edtech firm, is currently under investigation by the Enforcement Directorate (ED) for alleged foreign exchange violations. The ED had earlier conducted searches at three premises linked to BYJU'S in Bengaluru, but so far, no Foreign Exchange Management Act (FEMA) violations have been found, according to IANS sources.
During the searches, the ED had collected various incriminating documents and digital data, but according to sources, no evidence of FEMA violations was found. The investigations are still at an early stage. A top ED official told IANS that they cannot comment on the ongoing investigation.
The company has received a foreign direct investment of approximately Rs 28,000 crore from 2011 to 2023 and remitted about Rs 9,754 crore to various foreign jurisdictions during the same period in the name of overseas direct investment, according to FEMA searches.
A spokesperson for BYJU'S said that the ED visit was related to a routine inquiry under FEMA, and there have been no violations under FEMA by the company. The spokesperson added that the company has been completely transparent with the authorities and has provided them with all the requested information.
"We have nothing but the utmost confidence in the integrity of our operations, and we are committed to upholding the highest standards of compliance and ethics," the spokesperson said.
The company stated that it will continue to work closely with the authorities to ensure that they have all the information they need and expressed confidence that the matter will be resolved in a timely and satisfactory manner. BYJU emphasised that it is business as usual at the firm.