Enforcement Directorate files FEMA complaint against Myntra over FDI violations

The Enforcement Directorate (ED) has filed a complaint under the Foreign Exchange Management Act (FEMA) against online fashion retailer Myntra, its affiliate companies, and directors. The federal financial crimes probe agency alleges that Myntra engaged in "multi-brand retail trading in the guise of wholesale cash and carry," a practice deemed a violation of India's foreign direct investment (FDI) policy. This action is part of a broader investigation initiated by the ED in 2014 into several e-commerce platforms for alleged breaches of FDI norms.