ED files case against Myntra over Rs 1,654-crore FDI ‘violation’
New Delhi: The Enforcement Directorate on Wednesday said it has registered a case against Flipkart-backed e-commerce platform Myntra, its linked companies and directors for alleged FDI violation of over Rs 1,654 crore.
The complaint was filed by the federal probe agency’s Bengaluru zonal office under a section of the Foreign Exchange Management Act (FEMA) based on “credible information” that Myntra Designs Private Limited, whose brand name is Myntra, and its related companies are doing multi-brand retail trade in the guise of “wholesale cash and carry”.
