BNPL firm Simpl under ED lens for Rs 913 Cr FDI violations

The Enforcement Directorate (ED) has filed a formal complaint under the Foreign Exchange Management Act (FEMA) against One Sigma Technologies Pvt Ltd, which operates the buy-now-pay-later (BNPL) app Simpl, for alleged contraventions amounting to Rs 913.76 crore.

According to the ED’s Bengaluru Zonal Office, the investigation was triggered by credible information suggesting that Simpl received substantial foreign investment from the United States in violation of India’s FDI…