The Enforcement Directorate (ED) has issued a show-cause notice to Byju’s, alleging Foreign Exchange Management Act (FEMA) violations amounting to ₹9,000 crore, sources told CNBC-TV18.
The notice extends to Byju Raveendran, founder of Byju’s, and Think and Learn Pvt Ltd. The ED’s action follows an investigation into potential FEMA contraventions by the prominent edtech company.
Meanwhile, Byju’s has denied this. The company has said in a statement, “BYJU’S unequivocally denies media reports that insinuate it has received a notice from the Enforcement Department. The company has not received any such communication from the Enforcement Department.”
The story will be updated with more details shortly
(Edited by : Ajay Vaishnav)