“The notice has not been sent to the company yet, but the ED is expected to issue a statement on this matter soon,” said a person close to the development.
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“Byju’s 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 Department,” Byju’s said in response to a query.
ED has been looking into investments made in Byju’s between 2011 and 2023. Chief executive Byju Raveendran hasn’t been available to clarify matters, ET reported in May.
The agency had in April conducted searches on several premises linked to Byju’s, as part of a probe into alleged violation of foreign exchange rules over the investments received and transfer of funds abroad by the edtech startup.
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The edtech firm has also been under the scrutiny of the ministry of corporate affairs (MCA) and the Directorate General of GST Intelligence (DGGI).
More to follow…