ED searches Amazon, Flipkart vendors in FEMA probe

November 07, 2024 18:15

The Enforcement Directorate Thursday conducted searches against some of the "main vendors" operating on platforms of e-commerce giants Amazon and Flipkart as part of a foreign investment "violation" investigation, official sources said.

A total of 19 premises of these "preferred" vendors located in Delhi, Gurugram and Panchkula (Haryana), Hyderabad (Telangana) and Bengaluru (Karnataka) were covered as part of the action, the sources said. It is learnt that the ED inspected documents and took copies of some from the premises of about six such vendors who were not named.

The sources said a probe has been initiated by the federal agency under the provisions of the Foreign Exchange Management Act (FEMA) after it received several complaints against the two large e-commerce companies where it is alleged that they were "violating India's FDI (foreign direct investment) rules by directly or indirectly influencing the sale price of goods or services and not providing level playing field for all the vendors". There was no immediate response from the two e-commerce companies.

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