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ED slaps FEMA case on Myntra
Hindustan Times Mumbai
|July 24, 2025
The Enforcement Directorate has filed a complaint under Foreign Exchange Management Act (FEMA) against online fashion retailer Myntra, affiliate companies, and its directors for alleged contravention of over ₹1,650 crore, agency officials said on Wednesday while adding that the e-commerce platform was “actually carrying out multi-brand retail trading in the guise of wholesale cash and carry”.
The federal financial crimes probe agency has been investigating several e-commerce platforms since 2014 for alleged violation of foreign direct investment (FDI) norms. India’s foreign investment rules do not allow any foreign investment in multi-brand retail. That means foreign e-commerce companies are allowed to operate platforms, but not control the companies selling on the platforms (they can own a maximum of 25% of the equity of such companies, by Indian law)
In a statement issued on Wednesday, the agency said : “ED, Bengaluru Zone, has filed a complaint under FEMA against Myntra Designs Private Limited (Myntra) and its related companies and their directors for contravention to the tune of ₹1654,35,08,981 (₹1654.35 crore)”.
This story is from the July 24, 2025 edition of Hindustan Times Mumbai.
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