The Enforcement Directorate in a tweet said that it has conducted raids and seizure operations at edtech startup Odaclass. The watchdog further informed that the firm was flouting foreign exchange norms.

The agency said, “ED has conducted search and seizure action under the provisions of Foreign Exchange Management Act (FEMA) in the case of Pigeon Education Technology India Private Limited. The company is providing online education in the name of Odaclass,” in a tweet.


ED has conducted raid on two of its premises. According to media reports, the operations were carried under relevant provisions of the Foreign Exchange Management Act (FEMA) for ‘illegally’ remitting funds to the tune of Rs 82 crore to China.

During the searches, incriminating documents were confiscated, and the ED also obtained forensic data from electronic devices. The investigation into the situation is still ongoing. According to the ED, the edtech firm was part of a bigger organisation comprised of a complicated web of entities, with the controlling company brd based in the Cayman Islands.


ED further alleges that the edtech startup has was 100 per cent owned by Chinese entities, with foreign national Liu Can and Indian citizen Vedant Hamirwasia holding position as director of the company.

The edtech firm allegedly channelled over Rs 82 crore to China under the premise of marketing expenses on the orders of executives based in the neighbouring nation, despite having no documentation of availing such services. The ED further stated that Can was the approved signatory on all bank accounts associated with the edtech company. While these accounts were kept in India, they were operated online through China.

In addition, the agency is looking into the alleged involvement of three former directors of the edtech startup, Sushant Srivastava, Priyanka Khandelawal, and Himanshu Garg. According to media reports, the trio quit the organisation last year.