The Enforcement Directorate (ED) has renewed its look out notice against education portal Bjyu’s founder Byju Ravindran in a Foreign Exchange Management Act (FEMA) case against his company, M/s Think & Learn Private Ltd.

ED sources said the lookout circular against entrepreneur, investor and educator Raveendran was renewed as the ₹9,362.35-crore FEMA case is pending in which his company is alleged to have made significant foreign remittances contravening laws.

In November, an Adjudicating Authority under the FEMA issued a Show Cause Notices to M/s Think & Learn Private Limited and Byju Raveendran on a complaint filed by the ED under sub–section (3) of section 16 of FEMA, 1999. The ED alleged Think & Learn Private Limted contravened provisions of FEMA which is said to have led to a loss to the tune of ₹9,362.35 crore.  

The agency had earlier stated that it had initiated investigation on the basis of various complaints regarding the foreign investment received by Think and Learn Private Limited and the business conduct of the company which made significant foreign remittances and investment outside India which were allegedly in contravention of provisions of FEMA, 1999 and caused loss of revenue to the government.  

For two days from April 2023, the ED carried out searches at the premises of Think and Learn Private Limited and the residence of Byju Raveendran and seized documents of all investments received by the company as well as of its overseas investments.

The ED had also recorded statements of Raveendran and Chief Financial Officer of the company. However, the agency on conclusion of the investigation allegedly found Think & Learn Private Limited and Raveendran had contravened the provisions of FEMA on several counts. According to the agency, the company failed to submit documents of imports against advance remittances made outside India. It did not realize proceeds of exports made outside India, delayed filing of documents against the Foreign Direct Investment (FDI) received into the company, and skipped filling documents against the remittances made by the company outside India and by failing to allot shares against FDI received into the company.  

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