Not probing Flipkart's Big Billion Day sale, says ED official

New Delhi: Enforcement Directorate (ED) on Tuesday said it has not launched any probe into the massive discount sale by e-commerce giant Flipkart last week but is continuing its earlier investigation into alleged violations of FDI (Foreign Direct Investment) rules in their online retail business.

Refuting media reports that the recent ‘Big Billion Day’ sale by Flipkart was being probed, an ED official said the reports were false.

In the wake of complaints from a huge number of customers regarding alleged predatory prices on goods and unfair trade practices adopted by Flipkart, Commerce and Industry Minister Nirmala Sitharaman had last week acknowledged that government had received complaints in this regard.

“We have received many inputs. Lot of concerns have been expressed. We will look into it,” Sitharaman had told reporters in the national capital.

Flipkart’s mega online sale took place on October 6.

More from Corporate

Maha: Court orders Rs 30L compensation for parents after youth dies in road accident Ashleigh Barty comes from set down to beat Coco Gauff in Australian Open lead-up

A Flipkart spokesperson while reacting to the media reports said, “We are in complete compliance with the laws of the land and will cooperate with authorities when required.”

The law enforcement agency, however, is probing allegations that Flipkart and other such e-commerce companies violated the FDI norms of the e-commerce sector.

According to the current policy, FDI is not allowed in domestic e-commerce companies conducting B2C (business-to-consumer) transactions while 100 per cent foreign investment is permitted in B2B (business-to-business).

PTI