Editor's Pick: Byju’s on ED radar

The Enforcement Directorate (ED) searched the premises of Think & Learn Private Limited, which runs the portal Byju’s, in Bengaluru on Saturday. Two business premises of the company and a residential property linked to Byju’s founder Raveendran Byju were searched under provisions of the Foreign Exchange Management Act, or FEMA. A statement by the ED revealed that ₹28,000 crore of Foreign Direct Investment (FDI) into the company and ₹9,754 crore overseas direct investment by the company are under the scanner. The agency said the company had not prepared financial statements since 2020-21 and had not got the accounts audited, which is mandatory. Hence, the genuineness of the figures provided by the company was being cross-examined from the banks, it said. The investigation against the platform was initiated based on complaints from separate individuals. Though the ED summoned the company’s founder and CEO Raveendran Byju multiple times, ‘he always remained evasive and never appeared during the investigation’. Meanwhile, responding to the raid, Byju’s legal team said that they had been completely transparent with the authorities and had provided all the information they 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. We will continue to work closely with the authorities to ensure that they have all the information they need, and we are confident that this matter will be resolved in a timely and satisfactory manner,” the company said. Was this newsletter forwarded to you? Head over to our newsletter subscription page to sign up for Editor’s Pick and more. Click here. The Hindu’s Explainers Explained | How are stray dog bites related to poor waste management? Explained | Blinkit protests and the legal remedies available to gig workers Explained | Can psychedelics treat depression? The Hindu’s Daily News Quiz Members of which tribe from Karnataka were stuck in Sudan? Mannan Hakki Pikki Kudiya Kaniyan To know the answer and to take the quiz, click here. [logo] Editor's Pick 30 April 2023 [The Hindu logo] In the Editor's Pick newsletter, The Hindu explains why a story was important enough to be carried on the front page of today's edition of our newspaper. [Arrow]( [Open in browser]( [Mail icon]( [More newsletters]( Byju’s on ED radar The Enforcement Directorate (ED) [searched the premises of Think & Learn Private Limited, which runs the portal Byju’s]( in Bengaluru on Saturday. Two business premises of the company and a residential property linked to Byju’s founder Raveendran Byju[were searched under provisions of the Foreign Exchange Management Act]( or FEMA. A statement by the ED revealed that ₹28,000 crore of Foreign Direct Investment (FDI) into the company and ₹9,754 crore overseas direct investment by the company are under the scanner. The agency said the company had [not prepared financial statements since 2020-21]( had not got the accounts audited, which is mandatory. Hence, the genuineness of the figures provided by the company was being cross-examined from the banks, it said. The investigation against the platform [was initiated based on complaints from separate individuals.]( Though the ED summoned the company’s founder and CEO Raveendran Byju multiple times, ‘he always remained evasive and never appeared during the investigation’. Meanwhile, responding to the raid, Byju’s legal team said that they had been completely transparent with the authorities and had provided all the information they 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. We will continue to work closely with the authorities to ensure that they have all the information they need, and we are confident that this matter will be resolved in a timely and satisfactory manner,” the company said. Was this newsletter forwarded to you? Head over to our newsletter subscription page to sign up for Editor’s Pick and more. [Click here.]( The Hindu’s Explainers [Arrow][Explained | How are stray dog bites related to poor waste management?]( [Arrow][Explained | Blinkit protests and the legal remedies available to gig workers]( [Arrow][Explained | Can psychedelics treat depression?]( The Hindu’s Daily News Quiz Members of which tribe from Karnataka were stuck in Sudan? - Mannan - Hakki Pikki - Kudiya - Kaniyan To know the answer and to take the quiz, [click here.]( [Sign up for free]( [[At least 11 dead after gas leak in Punjab’s Ludhiana] At least 11 dead after gas leak in Punjab’s Ludhiana]( [[Mann Ki Baat has become my spiritual journey: PM Modi says on 100th episode] Mann Ki Baat has become my spiritual journey: PM Modi says on 100th episode]( [[Behind the ‘dearth’ of rabies vaccine in India] Behind the ‘dearth’ of rabies vaccine in India]( [[I tried to get Jagadish Shettar a ticket, but BJP leadership had other plans, says Yediyurappa] I tried to get Jagadish Shettar a ticket, but BJP leadership had other plans, says Yediyurappa]( Copyright @ 2023, THG PUBLISHING PVT LTD. If you are facing any trouble in viewing this newsletter, please [try here]( If you do not wish to receive such emails [go here](