ED files FEMA case against Myntra over Rs 1,654 Cr FDI violation

The Enforcement Directorate (ED) has filed a complaint under Section 16(3) of the Foreign Exchange Management Act (FEMA), 1999 against Myntra Designs Pvt. Ltd and its related entities, alleging violations of India’s FDI policy amounting to over Rs 1,654 crore.

According to a press release issued by the agency’s Bengaluru zonal office, the complaint was filed based on “credible information” that Myntra and its affiliates were conducting multi-brand retail trading (MBRT)…