ED intensifies scrutiny of Byju's founder, Raveendran, urging BOI to issue a lookout circular amid ongoing company challenges
Byju Raveendran, the founder of the edtech giant Byju's, continues to face heightened tensions. ED has reportedly called the Bureau of Immigration (BOI) to issue a lookout circular (LOC) against Raveendran, preventing the founder from departing the country amidst the ongoing challenges faced by the edtech platform.
Raveendran has been subject to an LOC 'on intimation' for over eighteen months, initially requested by the ED's Kochi office and later transferred to the agency's Bengaluru branch for investigation, as per a report by the Economic Times.
The LOC 'on intimation' translates into immigration authorities notifying a probing agency when an individual travels abroad, without necessarily preventing the person from departing the country. According to sources cited in the report, ED's Bengaluru office, which is currently investigating the alleged Foreign Exchange Management Act (FEMA) violations, stated that it is necessary to issue an LOC against Raveendran to restrict his departure from the country.
Raveendran has been frequently traveling between Delhi, Dubai, and Bengaluru over the past three years, with recent visits to Delhi and Bengaluru. Despite currently being in Dubai and planning a trip to Singapore, a decision to request a revised LOC from the BOI was made to safeguard investor interests, ensuring Raveendran's inability to leave the country upon his return, as per a senior government official.
Last November, the agency served show-cause notices to Byju's parent company, Think & Learn Pvt Ltd, and Raveendran himself, citing alleged FEMA violations amounting to Rs 9,362.35 crore.