ED files case against credit payment app Simpl for FDI ‘violation’

The Enforcement Directorate on Wednesday said it has registered a foreign exchange violation case against a Bengaluru-based company that offers credit payment service through a mobile app named Simpl for alleged contravention of foreign direct investment (FDI) rules to the tune of more than Rs 913 crore.

The case pertains to the company named One Sigma Technologies and its director Nithya Nand Sharma. The company runs its business through its app that provides ‘Buy Now Pay Later’ services, including a facility for its customers to pay in…