Myntra booked for Rs 1,654 crore foreign investment violation
The Enforcement Directorate (ED) has filed a formal complaint against Myntra Designs Private Limited, and its associated entities and directors, for alleged contravention of the Foreign Exchange Management Act (FEMA) involving Foreign Direct Investments (FDI) worth over Rs 1,654 crore.
According to a senior agency official, the action was taken under Section 16(3) of FEMA after an extensive investigation revealed that Myntra and its related companies were allegedly engaged in multi-brand retail trading (MBRT) under the guise of operating a wholesale cash-and-carry business, in violation of India’s FDI policies.
