Enforcement Directorate Slaps Rs 1,654 Crore FEMA Case on Myntra

The Enforcement Directorate (ED) has filed a Rs 1,654 crore case under the Foreign Exchange Management Act (FEMA) against Myntra Designs Pvt Ltd and its associated entities, alleging violations of foreign direct investment (FDI) norms.

According to a statement from the ED’s Bengaluru Zonal Office, the probe was initiated based on substantial evidence suggesting that Myntra and its affiliates were involved in multi-brand retail trading (MBRT) while disguising it as "Wholesale Cash & Carry" business—a strategy not permitted under the existing FDI regulations.