Enforcement Directorate Issues Lookout Notice Against Byju Raveendran

#Byjus #EnforcementDirectorate #ByjuRaveendran #LookOutCircular #FEMA
In its latest action against Byju Raveendran, the Enforcement Directorate (ED) has issued a look out circular (LOC) against the fallen edtech icon. In November 2023, the Adjudicating Authority under FEMA issued show cause Notices to Think & Learn Private Limited and Byju Raveendran on the basis of a complaint filed by the ED under section 16 of FEMA, 1999 with respect to the contraventions of the provisions to the tune of ₹9,362 crore. ED had initiated investigation on the basis of various complaints regarding the foreign investment received by Think and Learn Private Limited and the business conduct of the company. The company was also stated to have made significant foreign remittances outside India and investments abroad which were allegedly in contravention of provisions of FEMA and caused loss of revenue to the Government of India.
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