India's federal financial crime-fighting agency has issued a show-cause notice to ed-tech company Byju's for alleged violations of foreign exchange rules, CNBC-TV18 reported on Tuesday, citing sources.
The agency has alleged violations by the company worth 90 billion rupees ($1.1 billion) under the Foreign Exchange Management Act, the television channel reported.
"Byju's unequivocally denies media reports that insinuate it has received a notice from the Enforcement Directorate. The company has not received any such communication from the Enforcement Directorate," the company said in a statement.
The Enforcement Directorate did not immediately respond to Reuters' requests for comment.
($1 = 83.2440 Indian rupees) (Reporting by Varun Vyas in Bengaluru; Editing by Nivedita Bhattacharjee)