Enforcement Directorate requests look out notice against Byju Raveendran, says report

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Byju Raveendran, the founder and CEO of Byju's, the Economic Times reported citing sources. The move is aimed at preventing Raveendran from leaving the country, and the central agency approached BOI earlier this month for the issuance of a fresh LOC. It comes as the agency's Bengaluru office is currently investigating alleged Foreign Exchange Management Act (FEMA) violations against the start-up and its founder, the report said.

A LOC 'on intimation' had been issued against Raveendran more than a year and a half ago at the request of the ED's Kochi office. However, the investigation was later transferred to the Bengaluru office of the agency. The LOC 'on intimation' allows immigration authorities to inform a probe agency about an individual's overseas travel without hindering their departure.

Raveendran has been frequently travelling between Delhi and Dubai for the past three years. Despite reports stating his presence in Bengaluru earlier this week, Raveendran told ET that he is currently in Dubai and plans to travel to Singapore tomorrow. The decision to approach BOI for a "revised" LOC was made with the "interest of investors" in mind, sources added.

A senior government official emphasised that even if Raveendran is currently overseas, issuing the LOC will prevent him from leaving the country upon his return. This measure aims to safeguard Byju's investors' interests and ensure a smooth conclusion to the case. The ED had issued show-cause notices in November 2023 to Byju's parent Think & Learn and Raveendran over alleged violations amounting to ₹9,362.35 crore under FEMA.