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ED warns Flipkart with $1.35 bn fine regarding foreign investment laws violation

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India's financial-crime agency has asked Walmart's Flipkart and its founders to explain why they shouldn't face a penalty of $1.35 Bn for alleged violation of foreign investment laws, three sources and an agency official told Reuters.

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The Enforcement Directorate agency has been investigating e-commerce giants Flipkart and Inc for years for allegedly bypassing foreign investment laws that strictly regulate multi-brand retail and restrict such companies to operating a marketplace for sellers.

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