India, July 23 -- The Enforcement Directorate (ED) has filed a complaint against BNPL platform Simpl and its cofounder and director Nitya Sharma for allegedly violating foreign direct investment (FDI) norms.

In a statement, the ED said it filed the complaint against Sharma and the startup for contravention to the tune of INR 913.75 Cr under sections of the Foreign Exchange Management Act (FEMA), 1999.

The agency said its probe, which was initiated on the basis of a "credible information" of Simpl receiving a substantial amount of FDI from the US in violation of FDI norms, found that the startup's parent, One Sigma Technologies Pvt Ltd, received FDI to the tune of INR 648.87 Cr and also issued convertible notes amounting to INR 264.88 Cr...