The Indian Police search the headquarters of the educational company Byju, the main start-up in the country

29 Apr. (EUROPE PRESS) –

The Indian Police began a search this Saturday at the headquarters of the Byju company, creator of an Internet learning application with more than 150 million registered users, on suspicion of money laundering and violation of foreign financing laws.

The Police have indicated for now that during the search they have seized “several incriminating documents” while the company has explained shortly after that the search was “routine”, according to the Indian chain NDTV.

“We have been completely transparent with the authorities and have provided them with all the information they have requested, we have nothing but the utmost confidence in the integrity of our operations,” according to the organization.

However, the Indian agency against money laundering ensures that it has detected negligence in the external financing operations of the company, valued at around 20,000 million euros, at a time when it is negotiating with investors an aid program to resolve its lack of liquidity and restructure a loan of about 1,000 million euros.

The son of educators, Byju Raveendran founded his namesake company (Byju’s) in 2015. The company, whose parent is formally known as Think & Learn Pvt, is the largest of a crop of start-ups that over the past decade have thrived on the explosion of digital connections in India, as well as foreign investment, notes Bloomberg.