ANI sources have revealed that the Enforcement Directorate (ED) has issued a Look-Out Circular (LOC) from the Bureau of Immigration (BOI) against Byju Raveendran, founder and CEO of an embattled edtech company.
Earlier this month, the central agency requested that BOI issue a new LOC to ensure that Raveendran stays in the nation.
The challenges facing Byju Raveendran, CEO of the well-known online edtech platform BYJU‘s, are increasing. Today, ED searched three of Raveendran’s locations.
Byju Raveendran’s three Bengaluru sites were raided by the Enforcement Directorate (ED) on Saturday. These searches were carried out at three of Byju Raveendran’s businesses, Think and Learn Private Limited. ED has seized a large number of documents and digital material in this raid.
These raids by the ED were related to the Foreign Exchange Management Act (FEMA) and were performed at the offices of Ravindran Byju and his business, Think and Learn Pvt Ltd. The ED has taken documents and digital data during the operations.
In the wake of Aryan Khan‘s arrest in a Mumbai drug case, the popular Ed-tech giant Byju’s has halted its association with the Bollywood star Shahrukh Khan. Due to backlash from social media users, Byju’s decided to cancel this reservation, despite advance bookings.
Related Post – How to Apply Makeup Like a Pro if you are a beginner
Since 2017, the actor has been an ambassador for the firm, reportedly being paid 3-4 crore a year for his endorsement.
The source that knows the matter told Economic Times, “They have paused all promotions related to SRK for the moment. The company, which is in the field of education, does not want to be seen in promotional activities with him for that reason (due to the controversy surrounding his son’s drug case).
Since all of these advertisements were booked in advance, it took a while to stop all of them.” In addition to Byju’s, SRK appears in campaigns for Hyundai, LG, Dubai Tourism, ICICI Bank, and Reliance Jio.
In light of Shah Rukh Khan’s association with Big Basket, a Tata Group spokesperson said, “Big Basket won’t confirm, deny, or comment on any of this.”
Related Post – Respect is everyone’s right, says Dynamic Digital Creator Sandeep Karmakar
FCB India’s group chairman, Rohit Ohri, indicated that SRK’s brand value has significantly helped Byju’s, and ending the association will have negative impacts on the ed-tech firm. SRK’s association with Byju’s has been highly beneficial to the company. SRK’s association with Byju’s has been so deep and integral that even if the company pauses advertisements temporarily, it will be extremely difficult to separate the brand from him in the future.”
Several passengers aboard a cruise ship from Mumbai to Goa, including Shah Rukh Khan’s son Aryan Khan, were detained last week after being caught in a drug bust.
As a result of the raid, NCB recovered 13 grams of cocaine, 21 grams of hashish, 22 pills of MDMA, and 5 grams of MD. His bail was denied by the Magistrate’s Court, and he will remain in the Arthur Road prison in Mumbai.
