India’s financial crime watchdog has filed a complaint against Walmart-backed fashion e-commerce giant Myntra, alleging the company violated foreign investment rules by channeling over $191 million through a related-party scheme that disguised retail operations as wholesale trade.
This complaint marks the latest move in a broader crackdown by Indian authorities, which previously targeted Amazon and Flipkart.
On Wednesday, the Enforcement Directorate said the Bengaluru-based fashion e-commerce firm violated the Foreign Exchange Management Act, known as FEMA, by engaging in multi-brand retail trading “under the guise of wholesale cash and carry,” utilizing a related entity, Vector E-Commerce, as an intermediary to route retail sales…
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We 5guruayurveda.com want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
Website Upgradation is going on. For any glitch kindly connect at 5guruayurveda.com
