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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.
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