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Fema Case Against Myntra Over ₹1,654-Cr Violation
Financial Express Kochi
|July 24, 2025
In response to the development, a Myntra spokesperson said the company remains committed to full compliance with Indian laws and would cooperate with the authorities
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According to ED, Myntra Designs received foreign investment amounting to over ₹1,654 crore, claiming it was in the wholesale trading business. However, the agency alleged that the company made 100% of its sales to Vector E-Commerce, a related entity within the same corporate group. Vector then retailed these goods directly to end-consumers. ED claims this structure was designed to circumvent restrictions on FDI in MBRT by artificially splitting business-to-customer (B2C) transactions into business-to-business (B2B) followed by B2C.
This story is from the July 24, 2025 edition of Financial Express Kochi.
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