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ED to Summon Amazon, Flipkart Executives in FEMA Foreign Investment Probe
Nov 11, 2024, 07:14 AM
The Enforcement Directorate (ED) of India is intensifying its regulatory scrutiny on major e-commerce players Amazon and Flipkart. The ED plans to summon top executives from both companies as part of an ongoing investigation into potential violations of foreign investment rules. This move follows raids conducted by the ED at multiple locations in Chennai as part of a FEMA probe. The investigation is reviewing five years of data to ensure compliance with India's foreign exchange management laws. The scrutiny comes at a time when Amazon and Walmart-owned Flipkart are experiencing rapid sales growth in India's $70 billion e-commerce market.
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