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Myntra, SIMPL booked for FEMA violation
The New Indian Express Sambalpur
|July 24, 2025
The Directorate of Enforcement (ED), Bengaluru, has filed a complaint against fashion retailer Myntra, and its related entities under the Foreign Exchange Management Act (FEMA), 1999, for allegedly violating foreign investment rules to the tune of ₹16,54,35,08,981 (₹1,654.35 crore) under the guise of wholesale trading.
The complaint was filed under section 16 (3) of FEMA.
In another case, ED filed a complaint under section 16 (3) of FEMA against Bengaluru-based 'One Sigma Technologies Pvt Ltd' (SIMPL) and its director Nithya Nand Sharma, for contravention to the tune of ₹913,75,88,062 (₹913.75 crore). The company is behind the popular Buy Now Pay Later (SIMPL) app, which allows customers to buy now and pay later.
Dit verhaal komt uit de July 24, 2025-editie van The New Indian Express Sambalpur.
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