‘Admit mistake, pay penalty’: ED offers to close FEMA violation case against Flipkart on conditions — What we know

The Enforcement Directorate (ED) has offered to close the Foreign Exchange Management Act (FEMA) violations-related probe against e-commerce major Flipkart, under certain conditions, PTI reported, citing sources.

The agency has told Flipkart that the case could be concluded if it admits wrongdoing and pays a penalty. “ED has given the option of compounding to Flipkart. ED has asked Flipkart to admit its mistake, pay a penalty and dismantle the seller network associated with it,” a source told PTI.