The Enforcement Directorate (ED) has reportedly requested the Bureau of Immigration (BOI) to issue a look-out circular (LOC) against Byju Raveendran, the CEO of Byju’s, aiming to halt his departure from the country amidst ongoing investigations into alleged Foreign Exchange Management Act (FEMA) violations.
With concerns over investor interests, the ED’s move signals a revived effort to ensure accountability and transparency in the investigation process. By seeking a “revised” LOC, the agency aims to prevent Raveendran from leaving the country upon his return, underscoring the significance of investor protection in the legal proceedings.
The ED’s actions come on the heels of previous allegations of FEMA violations amounting to ₹9,362.35 crore against Byju’s and Raveendran. Show-cause notices were issued, and investigations initiated based on complaints related to foreign investment and business conduct. Searches conducted at Byju’s premises and Raveendran’s residence unearthed documents pertaining to overseas activities and investments, leading to allegations of non-compliance with FDI filing requirements and revenue loss to the Indian government.
By taking proactive measures such as issuing a fresh LOC, the ED aims to ensure a smooth and fair conclusion to the case, emphasising the importance of adherence to regulatory norms and accountability in corporate dealings. This step underscores the agency’s commitment to upholding the integrity of the investigative process and safeguarding the interests of stakeholders involved.
