Enforcement Directorate ED Conducts Searches on BYJUs CEO Raveendran’s House and Office for FEMA Violations

Enforcement Directorate (ED) conducts searches on BYJUs CEO Byju Raveendran’s house and office? But question arises Why? Don’t worry we will give you the answer regarding this question. Stay tuned.

The Enforcement Directorate (ED) recently conducted a raid on Byju Raveendran, CEO of Byjus, in connection with an alleged violation of foreign exchange regulations. In any case, he asserts that he had avoided the request by the Unfamiliar Trade The board Act (FEMA) because of the continuous Coronavirus pandemic.

As per reports, the Enforcement Directorate (ED) had directed strikes at different areas, including Byjus office and Raveendran’s home, as a component of its examination concerning claimed inconsistencies in the exchange of unfamiliar assets by the organization. The ED had supposedly given a request to Raveendran under FEMA, however he didn’t show up before them.

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Raveendran stated in a statement that he had not received the summons and was currently quarantined due to COVID-19. He likewise said that he had not disregarded any guidelines and that he was helping out the specialists.

The examination of Enforcement Directorate (ED) is as yet progressing, and more subtleties are probably going to arise before long. Byju’s, one of the most valuable startups in India, has been the subject of allegations of regulatory noncompliance and data privacy violations in recent months. Byjus is already in trouble from several months and now this raid creates another panic for the business. Well let’s see what happens next.

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