The Enforcement Directorate (ED) has resumed its lookout circular against Byju Raveendran, founder of Byju’s, as part of its Foreign Exchange Management Act (FEMA) investigation against the ed-tech firm, people familiar with the development said.
The LOC (lookout circular), which is issued at the entry and exit points of the country, against Raveendran was first issued over a year ago when the federal agency started an investigation in the matter.
‘Officials cited above said the LOC has been resumed earlier this month with a provision that ED should be intimated about him leaving the country, adding that Raveendran is currently out of Bharat’, according to agency’s information.
The financial crimes investigation agency has alleged that Think and Learn Pvt Ltd (that runs Byju’s) had violated Bharat’s foreign exchange law and caused losses to the exchequer on funds worth as much as ₹9,362 crore.
“Think and Learn Private Limited and Byju Raveendran have contravened the provisions of FEMA (Foreign Exchange Management Act) by failing to submit documents of imports against advance remittances made outside Bharat, by failing to realize proceeds of exports made outside Bharat, by delayed filing of documents against the Foreign Direct Investment (FDI) received into the company, by failing to file documents against the remittances made by the company outside Bharat and by failing to allot shares against FDI received into the company,” the agency said in a statement in November 2023.
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