Byju's denies media reports claiming ₹9,000-crore FEMA violation notice from ED

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₹9,000 crore, as per a CNBC-TV18 report citing sources. The notice reportedly encompasses Byju Raveendran, the founder of Byju's, and Think and Learn Pvt Ltd. The ED's move comes after an inquiry into potential FEMA violations by the ed-tech unicorn, it added.

Byju's has however strongly refuted the claims. In a statement on X, the company said, “BYJU’s unequivocally denies media reports that insinuate BYJU's of any FEMA violation. The company has not received any such communication from authorities." The ED did not respond to Reuters queries for comments.

Also Read: Byju's Raveendran breaks into tears as crises engulf ed-tech startup Earlier in April, the ED had searched three Bengaluru premises related to Byju's and its billionaire CEO Byju Raveendran. They had also conducted seizures for possible violations of the nation's foreign exchange rules. The Enforcement Directorate (ED) said in a statement it had seized various documents and digital data during the search and had issued a summons for the CEO, but he did not appear.

"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," Byju's legal team spokesperson in a statement to ANI said. “The company will continue to work closely with the authorities to ensure that they have all the information they need, and it is confident that the matter will be "resolved in a timely and satisfactory manner," the spokesperson added.