Bengaluru: The Directorate of Enforcement (ED) has requested the Bureau of Immigration (BOI) to issue a look-out circular (LOC) against Byju Raveendran, the founder and CEO of Byju’s, amid allegations of violating the Foreign Exchange Management Act (FEMA). An ongoing investigation targets the company’s Bengaluru office.
Simultaneously, Byju’s, facing significant financial challenges, is making efforts to vacate its four lakh square-foot office space in Bengaluru as part of cost-cutting measures. The lease agreement for the office located in Prestige Tech Park was terminated earlier this year.
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