India’s Enforcement Directorate, its anti-money laundering agency, has found that Byju’s violated the nation’s foreign exchange law to the tune of $1.08 billion, a person familiar with the matter told TechCrunch.
The findings, which ED plans to make public as early as Tuesday, follows the agency searching the premises of Byju’s and its founder Byju Raveendran in late April. At the time, the agency said it had found and seized “incriminating” documents and digital data at the firm’s premises.
Byju’s said at the time that it was confident that the Enforcement Directorate will find that the startup, once valued at $22 billion, is in compliance with all local laws. In a statement on Tuesday, a Byju’s spokesperson said the company hadn’t received a notice from the ED.
The ED’s finding is the latest headache for the Bengaluru-headquartered startup, which has spent the last six months correcting several mistakes.