In recent developments reported by the Economic Times, the Directorate of Enforcement (ED) has approached the Bureau of Immigration (BOI) to issue a look out circular (LOC) against Byju Raveendran, the founder and CEO of Byju's.ED approached BOI earlier this month to ensure that Byju Raveendran does not leave the country. The look out circular 'on intimation' has already been issued against Byju Raveendran and was opened over one and a half years ago at the request of the ED, the report added.
The agency issued show-cause notices in November last year to Byju's parent Think & Learn Pvt Ltd and Byju Raveendran over alleged violations of ₹9,362.35 crore under FEMA. The ED said in a statement, “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, 1999, and caused loss of revenue to the government of India.”
Byju Raveendran has reportedly been travelling between Delhi and Dubai for the past three years. He was in Bengaluru earlier this week, the report claimed, adding that he was in Delhi last week on a work trip."The LOC, once opened, will ensure that the interest of investors is safeguarded and the case is taken to its logical conclusion without any difficulty," senior government official told Economic Times. Byju's board currently has Raveendran, his wife Divya Gokulnath and brother Riju Raveendran. The company is scheduled to have its Extraordinary General Meeting on February 23.