Ed Registers case of fema: The Enforcement Directorate (ED) has registered a case under FEMA in FDI violations of more than Rs 1,654 crore against the ‘fashion and lifestyle’ forum of E-commerce company Flipkart (FLIPKART), FDI, respective companies and directors. The Financial Crime Investigation Agency Enforcement Directorate gave this information on Wednesday.Also Read: ED’s big action in liquor scam case, Bhupesh Baghel’s son arrested
The ED said that a complaint has been filed under Section 16 (3) of the Foreign Exchange Management Act (FEMA). The agency had received ‘reliable information’ that ‘Mantra’ brand named Mantra Designs Private Limited and its related companies are doing multi-brand retail business under the guise of ‘Wholesale Cash and Carrie’.Also Read: ED screws on Chhangur Baba, Red killed on 14 locations
The Enforcement Directorate said that it is an alleged violation of the existing FDI (FDI) guidelines. A case has been registered against Mantra, with Bangalore headquarters, companies associated with it and its directors. (Language)
Edited by: Ravindra Gupta
