ED offers Flipkart to close Fema case by paying penalty, admitting mistake

NEW DELHI: The Enforcement Directorate (ED) is learnt to have offered the option of closing a Fema violation case against Flipkart if the Walmart group firm admits its mistake and pays a penalty, sources aware of the development said. The option was given by ED to Flipkart last week under the compounding rules of Fema (Foreign Exchange Management Act). An email query sent to Flipkart elicited no reply. The ED had also summoned Amazon India to check the status of the company. When contacted, an Amazon India spokesperson said, “We do not comment on ongoing investigations.” A query sent to ED in this matter also received no response.