The Enforcement Directorate has found Foreign Exchange Management Act (FEMA) violations to the tune of Rs 9,000 crore by edtech major Byju’s, people familiar with the situation told ET.
“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.
More to follow…
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