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Anonymous
Hey I am on Medial • 1y
The Ministry of Corporate Affairs (MCA) has clarified that the investigation into allegations of financial misconduct against the troubled edtech startup Byju's is still ongoing. The clarification comes after a media report claimed that the government had exonerated Byju's of financial fraud. On June 26, Bloomberg said that the Indian government's investigation acknowledged lapses in Byju’s corporate governance but found no evidence of financial fraud. According to the report, the yearlong probe by the Ministry of Corporate Affairs did not uncover any wrongdoing such as fund siphoning or manipulation of financial accounts. However, the MCA has disputed these claims, stating that the investigation has not yet concluded. "Recent reports suggesting that Byju's has been cleared of financial fraud in an ongoing investigation by the Ministry of Corporate Affairs (MCA) are factually incorrect and misleading,' the MCA said.
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