India’s Enforcement Directorate, its anti-money laundering agency, found that Byju’s had violated the country’s foreign exchange law to the tune of $1.08 billion, an official told TechCrunch. person close to the file.
The findings, which ED plans to make public on Tuesday, follow the agency’s search of the premises of Byju’s and its founder Byju Raveendran in late April. The agency then declared that it had found and seized “compromising” documents and digital data on the company’s premises.
Byju’s said at the time that he was confident that the Enforcement Directorate would find that the startup, once valued at $22 billion, was compliant with all local laws. In a statement on Tuesday, a Byju spokesperson said the company had not received notice from the chief executive.
The ED discovery is the latest headache for the Bangalore-based startup, which has spent the last six months correcting several errors.
The startup, backed by Prosus, Peak very delayed this month.
Byju’s CFO Ajay Goel left the startup to return to Vedanta late last month, following the abrupt and high-profile departures of auditor Deloitte and three of the company’s top board members. Byju in June. Prosus, which owns more than 9% of Byju and is one of its earliest backers, publicly criticized the Bangalore-based startup in July for not scaling enough and ignoring the investor’s advice and recommendations despite repeated attempts.