India’s Enforcement Directorate, the anti-money laundering agency, found Byju violated the country’s foreign exchange laws to the tune of $1.08 billion, a person familiar with the matter told TechCrunch.
The findings, which the ED plans to make public on Tuesday, follow the agency searching the premises of Byju’s and its founder Byju Raveendran in late April. At the time, the agency said it found and seized documents and digital data at the company’s premises.
Byju’s said at the time that it was confident that the Enforcement Directorate would find that the startup, which was previously valued at $22 billion, complied with all local laws. In a statement on Tuesday, a Byju spokesperson said the company has not received a notice from the ED.
The ED search is the latest headache for the Bengaluru-headquartered startup, which has spent the last six months righting several wrongs.