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of The Enforcement Directorate has filed a case against a Flipkart-backed e-commerce platform and its related entities for allegedly violating Foreign Direct Investment (FDI) regulations by engaging in multi-brand retail trade under the guise of wholesale cash and carry, involving over Rs 1,654 crore. The agency found that the company received FDI while operating an inventory-based model, which is prohibited under current FDI policy that only permits marketplace models. The company sold most goods to a related entity, which then retailed to customers, effectively converting B2C transactions into B2B and then B2C, contravening the limit allowing only 25% sales to group companies. These actions are alleged to breach provisions of the Foreign Exchange Management Act and FDI guidelines. The accused entities have denied wrongdoing and stated their commitment to legal compliance and cooperation with authorities.
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