The agency alleges that the edtech firm was using unlicensed software, printing fake invoices, and falsifying data to get fiscal benefits. The financial irregularities are said to have caused the company aggravated losses of over ₹500 crore.
The Enforcement Directorate, an Indian government agency, has conducted several raids recently in relation to crypto-regulations. These have included searches at a crypto firm and at the BBC, among others. Given that cryptos are still relatively new and unregulated in India, it is likely that authorities will continue to investigate this emerging financial sector in order to ensure that transactions are being conducted SMOOTHLY and without outside interference.
The Byju’s investigations come just a few months after the startup came under fire for allegations of irregularities in itsJob Club, a part of its vocational education programme. The company had to refund nearly Rs. 5 crore worth of job vouchers to students after it was found that they were not being employed as advertised.
Reputational damage to Byju’s following the alleged underworld connections of its chairman and co-founder, K V Mohan Kumar, could have a significant impact on the company’s business. The market for educational apps is highly competitive, and any negative perception of Byju’s among parents and students could drive away customers.
We at Flipkart, want to provide our customers with quality educational products and services. We continue to focus on developing new methods of educating students and are committed to creating aglobal learning platform that will cater to all students. Whether they are in school or out of it, we want them all to be able to achieve their fullest potential!
