ED slaps FEMA case on Myntra
New Delhi, July 24 -- The Enforcement Directorate has filed a complaint under Foreign Exchange Management Act (FEMA) against online fashion retailer Myntra, affiliate companies, and its directors for alleged contravention of over Rs.1,650 crore, agency officials said on Wednesday while adding that the e-commerce platform was "actually carrying out multi-brand retail trading in the guise of wholesale cash and carry".
The federal financial crimes probe agency has been investigating several e-commerce platforms since 2014 for alleged violation of foreign direct investment (FDI) norms. India's foreign investment rules do not allow any foreign investment in multi-brand retail. That means foreign e-commerce companies are allowed to operate platfo...
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