Poging GOUD - Vrij
ED files FEMA plaint against Myntra for breaching FDI rules
Hindustan Times Chandigarh
|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 ED 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 (th
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