ED files FEMA case against Myntra over Rs 1,654 crore FDI violation; disguised multi-brand retail as wholesale, company responds

The Enforcement Directorate has filed a complaint under Fema against Myntra, its entities, and directors for alleged FDI violations worth Rs 1,654.35 crore, accusing the company of misusing the wholesale trade route for multi-brand retail. Myntra, a Walmart unit, responded saying it has not received the complaint or documents and remains committed to cooperating with authorities.

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