NOB- Bharat news: The Enforcement Directorate (ED) on July 23rd 2025, filed a complaint under the Foreign Exchange Management Act, 1999 (FEMA) against Myntra Designs Private Limited, its related entities, and their directors for alleged violations amounting to Rs.1,654.35 crore. According to the ED, Myntra and associated entities carried out Multi-Brand Retail Trade (MBRT) operations while falsely claiming to operate as “Wholesale Cash & Carry” businesses. This alleged misrepresentation is in direct violation of the FDI policy, which restricts foreign investment in MBRT under certain conditions.
