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India enforcement agency threatens Flipkart, founders with $1.35 billion fine -sources
By Aditya Kalra, Aftab Ahmed and Sanjeev Miglani
Reuters
NEW DELHI (Reuters) -India s financial-crime agency has asked Walmart s Flipkart and its founders to explain why they shouldn t face a penalty of $1.35 billion for alleged violation of foreign investment laws, three sources and an agency official told Reuters.
The Enforcement Directorate agency has been investigating e-commerce giants Flipkart and Amazon.com Inc for years for allegedly bypassing foreign investment laws that strictly regulate multi-brand retail and restrict such companies to operating a marketplace for sellers.
The Enforcement Directorate official, who declined to be named, said the case concerned an investigation into allegations that Flipkart attracted foreign investment and a related party, WS Retail, then sold goods to consumers on its shopping website, which was prohibited under law.
Probe Agency Threatens Flipkart, Founders With $1.35 Billion Fine: Report Probe Agency Threatens Flipkart, Founders With $1.35 Billion Fine: Report Enforcement Directorate has been investigating e-commerce giants Flipkart and Amazon.com Inc for years for allegedly bypassing foreign investment laws.
A Flipkart spokesperson said the company is in compliance with Indian laws and regulations .
New Delhi:
The Enforcement Directorate has asked Walmart s Flipkart and its founders to explain why they shouldn t face a penalty of $1.35 billion for alleged violation of foreign investment laws, three sources and an agency official told
Reuters.
The Enforcement Directorate has been investigating e-commerce giants Flipkart and Amazon.com Inc for years for allegedly bypassing foreign investment laws that strictly regulate multi-brand retail and restrict such companies to operating a marketplace for sellers.