India Expands Its E-Commerce Crackdown with a New $200M Case Against Walmart's Fashion Arm Myntra

India expands its e-commerce crackdown with a new $200M case against Walmart's fashion arm Myntra

India's financial crime watchdog filed a complaint against Walmart-backed Myntra, alleging the company violated foreign investment rules by channeling over $191 million through a related-party scheme.

Myntra Faces ED Probe: Government Agency Books Online Shopping Platform in 1,654 Crore FEMA Violation Case | 📰 LatestLY

ED on Wednesday said that it has filed a formal complaint against Myntra Designs Private Limited, its related companies, and their directors for alleged violations under the Foreign Exchange Management Act (FEMA), 1999. The action was taken by the Bengaluru Zonal Office of the ED, accusing the company of illegal foreign investment practices amounting to Rs 1,654.35 crore. 📰 Myntra Faces ED Probe: Government Agency Books Online Shopping Platform…

ED registers case against Myntra, directors over Rs 1,654 crore FDI violation

New Delhi: The Enforcement Directorate on Wednesday said it has registered a FEMA case against Flipkart-backed e-commerce platform Myntra, linked companies and directors for FDI "contravention" of over Rs 1,654 crore. The complaint has been filed under Section 16(3) of the Foreign Exchange Management Act after the federal agency received "credible information" that Myntra Designs Private Limited, whose brand name is Myntra, and its related compa…

ED books credit payment firm over suspected FDI violations - OrissaPOST

New Delhi: The Enforcement Directorate Wednesday said it has registered a foreign exchange violation case against a Bengaluru-based company that offers credit payment service through a mobile app named SIMPL for alleged contravention of FDI rules to the tune of more than 913 crore. The case pertains to the company named One Sigma Technologies Pvt. Ltd. and its director, Nithya Nand Sharma. The company runs its business through its app that provi…

Myntra Under ED Investigation for Alleged INR 1,654 Crore FEMA Breach

For suspected violations of the Foreign Direct Investment (FDI) regulations of INR 1,654.35 crore, the Enforcement Directorate (ED) has filed a complaint against Myntra, an Indian fashion e-commerce company, as well as its affiliated businesses and directors.According to the probe agency's statement, the case was filed in its Bengaluru Zonal Office based on reliable information indicating that Myntra Designs Pvt. Ltd. and its affiliated companie…

ED Files Chargesheet Against E-Commerce Giant Myntra Over Alleged Forex Violation Case Of Rs 1654 Cr

Times Now Plot No-FC 6, Second Floor, Film City, Noida Sector 16A, +91 – 0120 – 6634600 Customer Service Breaking News: The ED has filed a FEMA case …