New Delhi: The initial investigation after the recent searches at BYJU’S
have so far found no Foreign Exchange Management Act (FEMA) violations by
the edtech firm, according to sources.
have so far found no Foreign Exchange Management Act (FEMA) violations by
the edtech firm, according to sources.
Sources indicated that the recent searches conducted on the premises of
BYJU’S in Bengaluru by Enforcement Directorate (ED) and the material
collected has yet to establish any FEMA violations.
The investigations are still at an early stage and according to sources,
BYJU’S had cooperated and provided ED with all the necessary documents.
When contacted, a top ED official told IANS that the BYJU’S investigation
is ongoing and “we cannot comment on the ongoing investigation”.
The ED had earlier carried out searches at three premises linked to BYJU’S
in Bengaluru, in connection with alleged foreign exchange violations.
ED in a tweet had said that they collected various incriminating documents
and digital data during its searches
