ED Wants Look Out Circular Against Byju's Founder Raveendran

The Enforcement Directorate (ED) has issued look out notice (LOC) against entrepreneur, investor, and educator Byju Raveendran over FEMA violations. Citing sources, news agency ANI reported this on Thursday. Earlier this month, the central agency made a formal request to the Bureau of Immigration (BOI) in a bid to ensure that Raveendran remains within the national borders, as per a report by the Economic Times (ET).

ED issues look out notice against entrepreneur, investor and educator Byju Raveendran: Sources

— ANI (@ANI) February 22, 2024 Over a year and a half ago, an LOC 'on intimation' had been issued against Raveendran at the behest of the ED’s Kochi office. However, the jurisdiction of the investigation was later transferred to the agency's Bengaluru office.

An LOC 'on intimation' implies that immigration authorities are notified of the individual's intended foreign travel plans without imposing any direct restrictions on their departure from the country. The ED's Bengaluru office, which is currently delving into alleged violations of the Foreign Exchange Management Act (FEMA), has recently advocated for the issuance of a fresh LOC against Raveendran. This move aims to prevent him from leaving the country, the ET reported.