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of <h1>Credit Payment App Faces Probe for FDI Violations Over Rs 913 Crore Under FEMA and RBI Rules</h1> A Bengaluru-based credit payment app company is under investigation by the Enforcement Directorate for alleged violations of Foreign Direct Investment (FDI) regulations amounting to over Rs 913 crore. The company reportedly received FDI and issued convertible notes under the automatic route without prior government approval, contravening the Foreign Exchange Management Act. The firm classified its business under information technology services, but its financial activities required government approval for FDI. The issuance of convertible notes without such approval constitutes a breach of Reserve Bank of India guidelines and FEMA provisions, prompting legal proceedings against the company and its director.
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