Try GOLD - Free
ED Files ₹1,645 Cr FDI Case Against Myntra
Mint Mumbai
|July 24, 2025
Consolidated FDI Policy disallows foreign ownership of retail ops in India

The Directorate of Enforcement (ED) said on Wednesday it has filed a complaint against Myntra Designs Pvt. Ltd. and its related companies and their directors for allegedly deploying foreign direct investment (FDI) indirectly in retail operations in violation of the Foreign Exchange Management Act, 1999.
ED's Bengaluru zonal office filed the complaint for the alleged contravention to the tune of ₹1,654.35 crore, the agency said in a statement.
"The enquiries in the matter were initiated on the basis of credible information that Myntra Designs Pvt. Ltd and its related companies are doing multi-brand retail trade in the guise of 'wholesale cash and carry', allegedly in violation of the extant FDI Policy," the ED statement said.
This story is from the July 24, 2025 edition of Mint Mumbai.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 9,500+ magazines and newspapers.
Already a subscriber? Sign In
MORE STORIES FROM Mint Mumbai
Mint Mumbai
Sebi, RBI plan easy int'l investor entry
The Securities and Exchange Board of India (Sebi) and the Reserve Bank of India (RBI) are in advanced discussions to ease entry processes for new overseas investors, four people aware of the matter said, at a time of weak foreign flows in the economy.
1 min
September 24, 2025
Mint Mumbai
Fortis to expand obesity clinics
Fortis Healthcare plans to open more dedicated obesity clinics across its hospitals to meet surging demand for weight-loss drugs and therapies in the world’s most populous nation, its managing director and chief executive, Ashutosh Raghuvanshi, said in an interview earlier this month.
1 min
September 24, 2025
Mint Mumbai
Why Sebi-registered advisers are dwindling despite eased norms
Shrinking number of Sebi-registered advisers means fewer options for investors seeking conflict-free advice
4 mins
September 24, 2025
Mint Mumbai
Nvidia-OpenAl: A clinch we should all be wary of
This deal is aimed at a data centre build-up but what's win-win for Al businesses need not work out well for the rest of us. Nobody should get to dominate AI. It’s much too important
2 mins
September 24, 2025

Mint Mumbai
Pepperfry buyout set to reveal cracks in online furniture retail
Pepperfry's falling revenue and abandoned IPO were proof of a rapidly changing landscape
3 mins
September 24, 2025
Mint Mumbai
Accenture eyes new Andhra campus
Tech consultancy Accenture has proposed setting up a new campus of about 10 acres in Andhra Pradesh’s port city of Visakhapatnam, aiming to eventually add about 12,000 jobs to its workforce in India, three people familiar with the matter said.
1 min
September 24, 2025
Mint Mumbai
L’Oréal has eyes for Armani’s profitable beauty biz alone
L’Oréal SA, named by Giorgio Armani as a potential investor in the late Italian fashion mogul’s eponymous business, would only be interested in its profitable beauty arm, according to a person familiar with the matter.
2 mins
September 24, 2025

Mint Mumbai
Nato pledges ‘robust’ response to Russian airspace breaches
The North Atlantic Treaty Organization (Nato) promised a “robust” response to Russian incursions into its airspace and said it would use all options, including military, to defend itself.
1 min
September 24, 2025
Mint Mumbai
Centre appoints 49 drug inspectors
Six months after a government report showed an alarming shortage of drug inspectors in the country, the Union health ministry appointed 49 to the role.
1 min
September 24, 2025
Mint Mumbai
MID-& SMALL-CAP FUNDS: WEALTH ENGINE OR RISK?
In recent years, midand small-cap funds have taken centre stage in investor conversations.
2 mins
September 24, 2025
Listen
Translate
Change font size