India’s Enforcement Directorate, the anti-money laundering agency, has reportedly discovered that Byju’s, the edtech giant, violated the country’s foreign exchange law, amounting to a staggering $1.08 billion. This revelation follows a search conducted by the agency in April at Byju’s premises and its founder Byju Raveendran’s residence, during which “incriminating” documents and digital data were seized.
Despite Byju’s expressing confidence during the initial search that they were in compliance with local laws, the ED’s findings indicate a significant violation. The startup, once valued at $22 billion and backed by prominent investors, is now facing intensified scrutiny and potential legal consequences.
In response to the ED’s findings, a Byju’s spokesperson stated on Tuesday that the company had not received any official notice from the Enforcement Directorate.
This development adds to the challenges faced by Byju’s in recent months, including missing its revenue target for the last financial year, high-profile departures, and public criticism from major investors.
