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India expands its e-commerce crackdown with a new $200M case against Walmart’s fashion arm Myntra
India's financial crime watchdog filed a complaint against Walmart-backed Myntra, alleging the company violated foreign investment rules by channeling over $191 million through a related-party scheme.
India’s financial crime watchdog has filed a complaint against Walmart-backed fashion e-commerce giant Myntra, alleging the company violated foreign investment rules by channeling over $191 million through a related-party scheme that disguised retail operations as wholesale trade. Myntra failed to meet the conditions for operating as a wholesale or cash-and-carry business, as all of its sales were made exclusively to Vector E-Commerce, the agency stated(PDF). Responding to the latest action, Myntra stated that it had not received a copy of the complaint and supporting documents from the authorities but remained “fully committed to cooperating with them at any point of time.”
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