The embattled Byjus faces fresh scrutiny as the Enforcement Directorate (ED) reportedly asked immigration authorities to prevent founder Byju Raveendran from leaving the country. According to sources, the ED approached the Bureau of Immigration earlier this month to ensure Raveendran cannot depart amid an ongoing investigation into alleged foreign exchange violations.The ED opened a look out circular against the billionaire entrepreneur over a year ago, instructing immigration officers to alert the agency if he attempts to leave India. While the circular does not bar travel, it allows investigators to monitor movements and question suspects on arrival or departure.The latest revelations come as Byjus grapples with a wider cash crunch and valuation pressures. The ED launched a probe last November into alleged contraventions of foreign exchange laws by the companys Think & Learn subsidiary. Investigators believe Byjus remitted significant funds abroad and made questionable overseas investments without required approvals.According to reports, Raveendran has split his time between Dubai and India over the past three years. While his current whereabouts are unknown, sources say he was in Bengaluru and Delhi on business in recent weeks. The ED aims to prevent the founder from evading scrutiny as the high-profile investigation intensifies.With Raveendran considered flight risk, the agency wants to ensure the probe reaches a satisfactory conclusion without obstruction. The ED insists its actions are in the interests of aggrieved investors, as Byjus battles lawsuits and customer complaints amidst talk of layoffs. The deepening turmoil presents a stark reversal for what was once Indias highest-valued startup.
