BYJU'S says ED search was 'routine inquiry, will comply with authorities'

Ed-tech company BYJU's said that the Enforcement Directorate's latest searches at 3 premisses related to the company were a part of routine inquiry, and the company would comply with the authorities.

A company spokesperson responded to Business Today's queries and said, "The recent visit by officials from the Enforcement Directorate (ED) in Bangalore was related to a routine inquiry under FEMA."

The spokesperson further added that the company will comply with the authorities in matters related to the investigation.

"We will continue to work closely with the authorities to ensure that they have all the information they need, and we are confident that this matter will be resolved in a timely and satisfactory manner," they said.

They spokesperson went on to add that the company has been transparent with the authorities in the course of the investigation.

"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," the BYJU'S spokesperson said.

It is worth noting that the company declared the financial statements for FY 2020-21 after a delay of 18 months. and has not reported financial statements after that. 

On Saturday, ED announced that it has conducted searches and seizure action under the provisions of the Foreign Exchange Management Act (FEMA) at 3 premises related to Byju Raveendran, CEO and founder of BYJU's, and his ed-tech company.

The searches were made at 2 business locations and 1 residential location in Bengaluru. ED reported that during the search and seizure action, various incriminating documents and digital data were seized.

Also Read: ED searches 3 BYJU's premises under FEMA, seizes documents and data - BusinessToday

Also Read: BYJU’s fires 15% employees in engineering teams; 1,000 job cuts in total - BusinessToday