ED searches Byju's CEO Raveendran's office, residence in Bengaluru over FEMA violations

-

NEW DELHI: The Enforcement Directorate (ED) on Saturday said it has conducted searches at the office and residence of edtech major Byju’s CEO Raveendran Byju in Bengaluru.

The probe agency carryied out the searches at three premises, two business and one residential, under the provisions of Foreign Exchange Management Act (FEMA).

BYJU's, BYJU's CEO, Raveendran Byju
Byju's CEO Raveendran Byju

According to the agency, officials have seized ‘incriminating’ documents and digital data during the search. It said the action was taken on the basis of ‘various complaints’ received by private people and alleged that Raveendran was issued several summons but he remained ‘evasive and never appeared’ before the ED.

The searches found that Raveendrans BYJU’s company, Think & Learn Pvt Ltd, received foreign direct investment (FDI) to the tune of about Rs 28,000 crore during 2011–2023.

Comments

Post a Comment

Popular posts from this blog

Beneath the Flames: The Crumbling Reality of SGF India's Franchise Empire Under Kewal Ahuja

-
Image
FRANCHISE MIRAGE – THE RISE AND FALL OF SGF INDIA UNDER KEWAL AHUJA   India's booming franchise sector has long been seen as a safe harbor for first-time entrepreneurs—especially in uncertain economic times. Among the crowd of emerging food brands, SGF (Spice Grill Flame) India initially stood tall, fueled by rapid expansion and glowing marketing promises. But behind the curtain of glittering growth was a narrative riddled with broken assurances, financial chaos, and widespread investor disillusionment—all unfolding under the stewardship of Kewal Ahuja . The Illusion of a Golden Opportunity SGF India’s dual franchise model—FOFO (Franchise-Owned, Franchise-Operated) and FOCO (Franchise-Owned, Company-Operated)—offered investors two tempting options. The FOCO model was especially alluring during the COVID-19 downturn, marketed as a low-risk investment with guaranteed monthly returns of ₹37,500. For many reeling from job losses or financial strain, this seemed like a secure a...
Read more

Inside the SGF Franchise Scandal: Kewal Ashwani Ahuja’s Unraveling Empire

-
Image
Inside the SGF Franchise Scandal: Kewal Ashwani Ahuja’s Unraveling Empire What started as a promising vegetarian quick service restaurant chain under Kewal Ashwani Ahuja has turned into a cautionary tale of mismanagement, unmet promises, and financial setbacks for investors. Over the past decade, India’s franchise industry has grown rapidly, attracting investors with the appeal of brand recognition, operational assistance, and strong returns. SGF (Spice Grill Flame), led by Kewal Ashwani Ahuja , positioned itself as a fast-scaling pure-veg QSR model and quickly expanded across the country. However, behind the brand’s glossy image, franchise partners began facing severe challenges — from operational inefficiencies to financial losses — exposing deep cracks in the business model. The Lure of Easy Returns and Rapid Expansion SGF marketed itself as a national success story with over 125 outlets across India. The FOCO (Franchise Owned Company Operated) model promised investors a fixe...
Read more

Franchise Mirage – The Rise and Fall of SGF india under Kewal Ashwani Ahuja

-
Image
Indian franchising industry has been a ray of hope for aspiring entrepreneurs to start their own ventures with reduced risk, particularly in times of recession. Among the several brands that had emerged, SGF (Spice Grill Flame) India stood out for its commitment to profitability and support. Under the leadership of Kewal Ashwani Ahuja , the company rolled out its vegetarian food chain into numerous cities at a whirlwind speed. This whirlwind speed expansion, however, soon got replaced by mounting charges of mismanagement, financial fraud, and unfulfilled promises. This article examines the rise and decline of SGF India, focusing on the misleading franchise model that put numerous investors in trouble and left them disappointed. Kewal Ashwani Ahuja The Charm of SGF’s Franchise Model SGF India entered the market with two franchise models: FOFO (Franchise-Owned, Franchise-Operated) and FOCO (Franchise-Owned, Company-Operated). FOCO model was of special interest during the COVID-19 pa...
Read more