NEW DELHI : India's financial-crime agency has asked Walmart's Flipkart and its founders to explain why they shouldn't face a penalty of US$1.35 billion for alleged violation of foreign investment laws, three sources and an agency official told Reuters.
The Enforcement Directorate official, who declined to be named, said the case concerned an investigation into allegations that Flipkart attracted foreign investment and a related party, WS Retail, then sold goods to consumers on its shopping website, which was prohibited under law. Tiger Global declined to comment. Binny Bansal and Sachin Bansal did not immediately respond to requests for comment. The Enforcement Directorate also did not respond outside regular business hours.
Flipkart's valuation doubled to US$37.6 billion in less than 3 years at a US$3.6 billion funding round in July, during which SoftBank Group reinvested in the company ahead of an expected market debut.
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