Violation of FEMA Act, ED issues lookout notice against Byju Raveendran

New Delhi. ED has issued a lookout notice against Byju Raveendran, the owner of Bayju’s. The notice follows a violation of foreign exchange rules. Meanwhile, an investigation is currently underway against the Bengaluru office.

Byju’s is in the process of vacating a 4 lakh square feet office building in Bengaluru as part of a cost-cutting drive to avoid a severe financial crisis. The lease agreement with Prestige Tech Park was canceled earlier this year.