ED slaps Rs 10,600-crore notice on Flipkart for forex violations

The probe reflects discrepancies in Flipkart's structuring operations, according to the official

Topics
Flipkart | Fema | Enforcement Directorate

Shrimi Choudhary  |  New Delhi 

The Enforcement Directorate (ED) has slapped its biggest FEMA show-cause notice of Rs 10,600 crore on Sachin Bansal and Binny Bansal-founded Flipkart and nine other entities/ individuals linked to the e-commerce major for allegedly flouting foreign exchange rules. The central probe agency has charged these entities by an order issued in July by the adjudicating authority of the Foreign Exchange Management Act (FEMA).

The violations are in relation to Flipkart and its other holding firms, including one in Singapore, which had investment from foreign firms between 2009 and 2015. The ...

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First Published: Thu, August 05 2021. 06:05 IST
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