Forex violation case: ED slaps Rs 10,600-cr FEMA contravention notice against Flipkart, its founders
3 years, 4 months ago

Forex violation case: ED slaps Rs 10,600-cr FEMA contravention notice against Flipkart, its founders

India TV News  

The Enforcement Directorate has issued a show cause notice of about Rs 10,600 crore to e-commerce major Flipkart and its promoters for alleged violation of the foreign exchange law, official sources said on Thursday. They said the notice under various sections of the Foreign Exchange Management Act was issued to 10 people last month that includes Flipkart, its founders Sachin Bansal and Binny Bansal, among others. The case of alleged FDI rules violation against Flipkart has been under the ED scanner since 2012 and the agency, according to official sources, has found alleged violations of the FEMA under various counts, including an instance of transfer and issue of security to a person or entity outside India. Last month, Flipkart Group had announced raising USD 3.6 billion in funding led by GIC, Canada Pension Plan Investment Board, SoftBank Vision Fund 2 and Walmart, valuing the e-commerce giant at USD 37.6 billion.

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History of this topic

ED likely to summon top Amazon, Flipkart executives over FDI rule violations
1 month ago

ED likely to summon top Amazon, Flipkart executives over FDI rule violations

India Today  

Top executives of e-commerce giants Amazon and Flipkart are under the scanner of the Enforcement Directorate over alleged violations of foreign investment regulations, sources have told India Today. The development follows extensive searches conducted by the ED at over 19 locations associated with vendors of Amazon and Flipkart across Delhi, Bengaluru, Mumbai, Hyderabad, and Panchkula. The ED's investigation stems from …

ED to question Amazon, Flipkart officials over alleged foreign investment law violations: Report
1 month, 1 week ago

ED to question Amazon, Flipkart officials over alleged foreign investment law violations: Report

Live Mint  

The Enforcement Directorate of India will question Amazon and Flipkart officials as it steps up an investigation into alleged foreign investment law violations, days after raiding some of the e-commerce firms' sellers, Reuters reported on Monday, November 11, citing a senior government source. The latest raids were triggered by Amazon and Flipkart's antitrust investigation findings, which said the platforms “had …

Flipkart, Amazon under scrutiny for foreign investment violations: Report
Trending News
1 month, 1 week ago

Flipkart, Amazon under scrutiny for foreign investment violations: Report

India Today  

The government is planning to summon executives from Flipkart and Amazon as part of a deeper investigation into possible violations of foreign investment rules, reported news agency Reuters. The action highlights the rising regulatory scrutiny faced by Walmart-owned Flipkart and Amazon, both of which are experiencing rapid growth in India’s Rs 70 billion e-commerce market. Following last week’s raids on …

ED raids five locations in Mumbai in connection with illegal forex sale case
1 month, 2 weeks ago

ED raids five locations in Mumbai in connection with illegal forex sale case

India Today  

The Enforcement Directorate's Mumbai zonal office conducted search operations at five locations in Mumbai in connection with a case of suspected illegal sale and distribution of Forex by FFMCs. The raids were conducted on Thursday under the provisions of the Foreign Exchange Management Act, 1999 at premises of Kuntilaa Forex Pvt Ltd, Shagun Enterprises, Capital India Finance Ltd and MDB …

ED seizes 4.6cr forex in FEMA probe
1 month, 2 weeks ago

ED seizes 4.6cr forex in FEMA probe

Hindustan Times  

MUMBAI: The Mumbai unit of the Enforcement Directorate seized foreign currencies worth ₹4.6 crore during searches at five locations in the city, mainly at the premises of four entities that are Full-Fledged Money Changers. ED seizes 4.6cr forex in FEMA probe The investigation was initiated based on observations related to unusual financial activities during the financial year of 2022-23 in …

ED raids offices of Flipkart and Amazon sellers across India due to alleged violations of foreign investment rules
1 month, 2 weeks ago

ED raids offices of Flipkart and Amazon sellers across India due to alleged violations of foreign investment rules

India Today  

India’s financial crime agency, the Enforcement Directorate, has conducted raids on sellers associated with Amazon and Walmart-owned Flipkart, targeting alleged violations of the country's foreign investment rules. This latest probe follows findings from India’s antitrust body, which concluded that both Amazon and Flipkart, along with some of their sellers, violated competition laws by favouring specific sellers. This investigation marks yet …

Amazon, Flipkart face FEMA violation probes; ED conducts pan-India raids
Trending News
1 month, 2 weeks ago

Amazon, Flipkart face FEMA violation probes; ED conducts pan-India raids

Firstpost  

A probe has been initiated by the federal agency under the provisions of the Foreign Exchange Management Act after it received several complaints against the two large e-commerce companies where it is alleged that they were ”violating India’s FDI rules New Delhi: The Enforcement Directorate Thursday conducted searches against some of the ”main vendors” operating on platforms of e-commerce giants …

ED raids 19 premises of ‘main’ sellers using Amazon, Flipkart platforms
1 month, 2 weeks ago

ED raids 19 premises of ‘main’ sellers using Amazon, Flipkart platforms

Hindustan Times  

NEW DELHI: The Enforcement Directorate on Thursday carried out searches at 19 premises linked to some “main” sellers using Amazon and Walmart-owned Flipkart platforms in connection with its probe into alleged violation of foreign investment rules, people familiar with the development said. The official underlined that the searches took place on premises linked to the “main vendors” of Flipkart and …

ED raids offices of sellers using Amazon, Flipkart platforms in FEMA probe
Trending News
1 month, 2 weeks ago

ED raids offices of sellers using Amazon, Flipkart platforms in FEMA probe

The Hindu  

The Enforcement Directorate on Thursday conducted searches against some sellers who do business on e-commerce giants like Amazon, Flipkart as part of a Foreign Exchange Management Act investigation, official sources said. They said the action is related to the financial transactions being done by some of the “preferred” vendors and sellers who do business through Amazon and Flipkart like e-commerce …

Crackdown on Amazon and Flipkart vendors, ED conducts raids on 16 locations
1 month, 2 weeks ago

Crackdown on Amazon and Flipkart vendors, ED conducts raids on 16 locations

Hindustan Times  

The Enforcement Directorate on Thursday conducted searches against some sellers who do business on e-commerce giants like Amazon, Flipkart as part of a FEMA investigation, official sources said. Amazon, Flipkart vendors raided in FEMA probe Antitrust investigations conducted by the Competition Commission of India have found that Amazon and Flipkart violated local competition laws by giving preference to select sellers, …

ED slaps Rs 567 crore fine on TN firm in FEMA probe
1 month, 3 weeks ago

ED slaps Rs 567 crore fine on TN firm in FEMA probe

New Indian Express  

CHENNAI: The Enforcement Directorate, Chennai, on Friday said it has slapped a penalty of Rs 566.5 crore and ordered the confiscation of properties worth Rs 195 crore of Chennai-based GI Retail Private Ltd for violation of the Foreign Exchange Management Act in a case pertaining to transfer of shares of a company owned by it to German firm Wirecard through …

₹23,451 crore FEMA case against Flipkart founders: Madras High Court to commence final hearing in October
2 months, 3 weeks ago

₹23,451 crore FEMA case against Flipkart founders: Madras High Court to commence final hearing in October

The Hindu  

The Madras High Court is all set to commence the final hearing on a batch of writ petitions filed by popular e-commerce platform Flipkart’s founders Sachin Bansal and Binny Bansal in connection with the alleged violation of Foreign Direct Investment policy involving a staggering amount of ₹23,451 crore. In October 2008, Mr. Sachin Bansal and Mr. Binny Bansal co-founded Flipkart …

ED issues notices to Xiaomi, 2 senior executives for FEMA 'violations' to the tune of ₹5,551 crore
1 year, 6 months ago

ED issues notices to Xiaomi, 2 senior executives for FEMA 'violations' to the tune of ₹5,551 crore

The Hindu  

The Enforcement Directorate on Friday said it had issued show cause notices to the Indian arm of Chinese mobile phone manufacturer Xiaomi, its chief financial officer and director Sameer B. Rao, former managing director Manu Kumar Jain and three foreign banks for alleged violations of the foreign exchange law to the tune of more than ₹5,551 crore. The adjudicating authority …

Crypto Exchanges Under Scanner: CoinSwitch, CoinDCX Get ED Notices Over FEMA Violation, Say Sources
2 years, 5 months ago

Crypto Exchanges Under Scanner: CoinSwitch, CoinDCX Get ED Notices Over FEMA Violation, Say Sources

News 18  

The Enforcement Directorate, continuing its crackdown on cryptocurrency firms, has sent notices to crypto exchange companies CoinSwitch and CoinDCX as they allegedly came under the central agency’s radar. The notices against CoinSwitch and other platforms have been sent by the ED over the alleged violation of the Foreign Exchange Management Act, the abovementioned sources told News18. As per a statement …

ED issues Rs 7,272 crore show cause notice to Transcorp International for FEMA violation
2 years, 8 months ago

ED issues Rs 7,272 crore show cause notice to Transcorp International for FEMA violation

India Today  

Enforcement Directorate has issued a show cause notice to Transcorp International Limited, its director Ashok Kumar Agarwal and managing director Gopal Krishan Sharma for contravention of provisions of Foreign Exchange Management Act to the tune of Rs 7,272 crore. “It was also an authorised person and Indian agent under the Money Transfer Service Scheme License by RBI and was a …

In Compliance with Indian Laws, Will Cooperate with Enforcement Directorate on Notice: Flipkart
3 years, 4 months ago

In Compliance with Indian Laws, Will Cooperate with Enforcement Directorate on Notice: Flipkart

News 18  

Walmart-owned Flipkart on Thursday said the company is in compliance with Indian laws, including FDI regulations, and will cooperate with the Enforcement Directorate on the notice sent to the e-commerce major. The Enforcement Directorate has issued a show cause notice of Rs 10,600 crore to Flipkart and its promoters for alleged violation of the foreign exchange law, official sources said …

WazirX Gets ED Notice for Cryptocurrency Transfer Worth Rs 2,791 crore
3 years, 6 months ago

WazirX Gets ED Notice for Cryptocurrency Transfer Worth Rs 2,791 crore

News 18  

The Enforcement Directorate issued a show cause notice to WazirX, the largest crypto exchange in India for transactions worth over Rs 2,790 crore in alleged violation of the Foreign Exchange Management Act. A notice was sent to the popular cryptocurrency exchange and its directors Nischal Shetty and Sameer Mhatre “for contravention of the Foreign Exchange Management Act, 1999,” ED said. …

Amazon faces ED probe for alleged violation of the foreign exchange laws and rules of the country
3 years, 10 months ago

Amazon faces ED probe for alleged violation of the foreign exchange laws and rules of the country

Firstpost  

A probe has been launched against e-commerce and tech giant Amazon by the ED for being accused of an alleged violation of the foreign exchange laws and rules of the country. The investigation is being carried out under various provisions of the Foreign Exchange Management Act after the central probe agency recently received a notification from the Ministry of Commerce. …

Govt to Asks ED, RBI to Take Action Against Amazon, Flipkart on Violation of FDI Policy, FEMA
3 years, 11 months ago

Govt to Asks ED, RBI to Take Action Against Amazon, Flipkart on Violation of FDI Policy, FEMA

News 18  

In a significant development related to disputes between e-commerce giants and traders of India, the Union Government has directed the Enforcement Directorate and Reserve Bank of India to take necessary action against Amazon and Walmart-owned-Flipkart. The Centre has taken strong cognizance of various complaints made by the Confederation of All India Traders for blatant violation of FDI Policy and Foreign …

Centre Directs ED, RBI to Act Against Amazon and Flipkart for FDI, FEMA Violations
3 years, 11 months ago

Centre Directs ED, RBI to Act Against Amazon and Flipkart for FDI, FEMA Violations

News 18  

In a significant development related to war between e-commerce giants and traders of India, the Union Government has directed the Enforcement Directorate and Reserve Bank of India to take necessary action against Amazon and Walmart-owned-Flipkart. The Centre has taken strong cognizance of various complaints made by the Confederation of All India Traders alleging blatant violation of FDI Policy and Foreign …

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