Myntra under ED scanner for flouting FDI norms worth over Rs 1,654 crore, case filed by agency

The Enforcement Directorate (ED) on Wednesday filed a Foreign Exchange Management Act (FEMA) case against Flipkart-backed e-commerce platform Myntra Designs Pvt Ltd and its related entities for flouting foreign direct investment (FDI) norms to the tune of over Rs 1,654 crore.

Myntra and related entities carried out multi-brand retail trade operations while claiming to function as “wholesale cash and carry” businesses, an activity not permitted under the current FDI policy, according to the ED.