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India\u2019s Enforcement Directorate, its anti-money laundering agency, has found that Byju\u2019s violated the nation\u2019s foreign exchange law to the tune of $1.08 billion, a person familiar with the matter told TechCrunch.<\/p>\n
The findings, which ED plans to make public as early as Tuesday, follows the agency searching the premises of Byju\u2019s and its founder Byju Raveendran<\/a> in late April. At the time, the agency said it had found and seized \u201cincriminating\u201d documents and digital data at the firm\u2019s premises.<\/p>\n Byju\u2019s 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\u2019s spokesperson said the company hadn\u2019t received a notice from the ED.<\/p>\n The ED\u2019s finding is the latest headache for the Bengaluru-headquartered startup, which has spent the last six months correcting several mistakes.<\/p>\n The startup, backed by Prosus, Peak XV, Sofina, BlackRock, UBS, and Chan Zuckerberg Initiative, missed its revenue target<\/a> for the financial year ending in March last year, the startup disclosed in a much-delayed accounts this month.<\/p>\n Byju\u2019s CFO Ajay Goel left the startup to return to Vedanta late last month<\/a>, following high-profile and abrupt departures of auditor Deloitte and three of Byju\u2019s key board members in June. Prosus, which owns more than 9% of Byju\u2019s and is one of its earlier backers,\u00a0publicly slammed the Bengaluru-headquartered startup<\/a>\u00a0in July for not evolving sufficiently and disregarding the investor\u2019s advice and recommendations despite repeated attempts.<\/p>\n<\/p><\/div>\n