The Enforcement Directorate on Tuesday said it had issued showcause notices to edtech firm Think & Learn Private Limited and Byju Raveendran over alleged violation of ₹9,362.35 crore under Foreign Exchange Management Act, 1999.
Byju Raveendran of Think and Learn Pvt. Ltd that runs edutech start-up Byju’s. (HT File)
“Adjudicating Authority issues show cause notices to M/s. Think & Learn Private Limited and Byju Raveendran for violation involving an amount of Rs. 9362.35 Crore under FEMA, 1999,” the central agency posted on X.
The announcement by ED comes hours after Byju's denied receiving any such notice over FEMA violations. “Byju's unequivocally denies media reports that insinuate it has received a notice from the Enforcement Directorate. The company has not received any such communication from the Enforcement Directorate,” the edtech platform had said in a statement earlier on Tuesday.