Enforcement Directorate, late Tuesday, confirmed it has issued show cause notices to Byju’s parent Think & Learn and its founder and chief executive Byju Raveendran for violations involving an amount of Rs 9,362.35 crore under the Foreign Exchange Management Act (FEMA).
Byju’s did not immediately respond to ET’s request for comment on the matter.
Earlier in the day, ET reported that ED had found alleged forex violations to the tune of Rs 9,000 crore by edtech giant Byju’s, citing sources. In response to ET’s request for comment on the matter, a spokesperson said the company “unequivocally denies media reports that insinuate it has received any notice from the Enforcement Directorate.”
“The company has not received any such communication from the Enforcement Directorate,” the spokesperson told ET.