ED requests BOI to issue look out circular against Byju’s founder Byju Raveendran

On a previous occasion, nearly a year-and-a-half ago, an LOC ‘on intimation’ had been issued against Raveendran, on the request from the ED’s Kochi office. But subsequently, the probe into the matter was shifted to the ED’s Bengaluru office.As per the norms in case of ‘on intimation’ LOC requires immigration authorities to inform the investigating agency about the individual’s overseas travel plans without preventing them from leaving the country.However, now the ED’s Bengaluru office, which is currently investigating alleged violations of FEMA against Raveendran, has sent the request for the issuance of a new LOC against him to restrict him from leaving the country, the sources said.They said that the decision to seek a ‘revised’ LOC from BOI is done to ensure that the ‘interest of investors’ is protected.The sources also emphasised that even if Raveendran is abroad, the LOC, once issued, would prevent him from leaving the country upon his return, ensuring the protection of investors’ interests.The ED had issued show-cause notices in November 2023 to Byju’s parent company, Think & Learn Pvt Ltd, and Raveendran, on the allegation of violations of FEMA norms to the tune of Rs 9,362.35 crore. The ED had initiated its probe on the basis of various complaints.The company has been accused of making significant foreign remittances and investments abroad, allegedly violating FEMA provisions and causing revenue loss to the Indian government, the ED had alleged in one of its earlier statements.Raids were made at Byju’s locations and Raveendran’s residence in April 2023, resulting in the seizure of documents related to the overseas investments the company received. The alleged violation was attributed to the company’s failure to realise proceeds from exports made outside India and delays in filing documents related to the FDI and remittances made abroad.



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