The recent searches at BYJU’S by Enforcement Directorate (ED) have so far found no Foreign Exchange Management Act (FEMA) violations by the ed-tech company.
No FEMA Violations So Far At BYJU’S
According to sources, the investigations are still at an early stage. The ed-tech company had cooperated and provided the ED with all the necessary documents.
In this regard, a top ED official told that the BYJU’S investigation is ongoing and they cannot comment on the ongoing investigation.
Earlier, the ED had carried out searches at three premises linked to BYJU’S in Bengaluru, in connection with alleged FEMA violations.
Meanwhile, a BYJU’S spokesperson had said, ”The ED visit was related to a routine inquiry under FEMA and there has been no violations under FEMA by BYJU’S. We have been completely transparent with the authorities and have provided them with all the information they have requested. We have nothing but the utmost confidence in the integrity of our operations, and we are committed to upholding the highest standards of compliance and ethics.”
