ED Files FEMA Case Against Simpl Over INR 913 Cr FDI Violation

ED booked cofounder Sharma and the startup for contravention to the tune of INR 913.75 Cr under sections of the Foreign Exchange Management Act (FEMA), 1999

The agency alleged that the fintech startup raised foreign investment and issued convertible notes by misdeclaring its business activity and without prior approval

Earlier in the day, the agency also filed a FEMA complaint against fashion ecommerce giant Myntra for allegedly flouting FDI rules to the tune of INR 1,654.4…