There is danger on Byjus! Watchlist published regarding founder Ravindran
Byju's, a startup turned unicorn corporation, is having more and more problems. The founder of Byju, Raveendran, has been the subject of a watchful notice from the Enforcement Directorate. Raveendran was the subject of an earlier LOC "Own Intimation." This occurs when an individual leaves the nation and the immigration officer notifies the relevant authorities, but the individual is not prevented from leaving. Ravindran is now unable to exit the nation following the opening of the LOC.
Under FEMA, the Enforcement Directorate is actually looking into allegations against Byju's.
The corporation faces allegations of embezzling foreign currency of Rs 2200 crore. Additionally, it is alleged that the corporation unlawfully sent away Rs nine thousand crore. In actuality, the business obtained a loan from a foreign market in 2021 for roughly $1.2 billion. The corporation reported that the results of their audits were being delayed after around eight months. Then, in August, the company was questioned by the Ministry of Corporate Affairs over the cause of the 17-month gap in the financial reports. From this point on, the business's issues grew.
At one point, Byju's was regarded as one of the nation's most prosperous startup companies.
The business is currently fighting for its survival. The Enforcement Directorate took over the investigation of foreign money transactions because it was beset by ongoing controversy. This was where the probe into Byjus's foreign funding began. The business is actually charged with embezzling funds in order to launder money. Due to the state of affairs, Byju Raveendran, the creator of the company, was forced to take out a loan of Rs 100 crore by mortgaging his and his family's property in order to cover the salaries of the workers of his parent company. All of his shares are also mortgaged by him. The company's investors are now likewise fearful for their money's future.
