New Delhi: Since the Bureau of Enforcement has notified e-commerce giant Flipkart regarding alleged violations of foreign exchange regulations, the company stated that it has complied with Indian laws and will cooperate with the authorities in dealing with issues involving 2009-2015.

In response to inquiries about the notice, the company stated in a statement: “Flipkart complies with Indian laws and regulations, including FDI regulations.”

It said: “We will cooperate with the authorities because they review issues related to the period 2009-2015 based on their notice.”

Officials said on Thursday that the Enforcement Agency (ED) had issued notices to Flipkart, its founders and nine others regarding foreign exchange violations.

A senior ED official involved in the investigation told IANS, “Yes, notice has been sent to Flipkart, its founder and nine others.”

However, he did not disclose the details of the person who received the notification.

According to sources from the financial investigation agency, in the notice, they asked for an explanation as to why they should not face a $1.35 billion fine for allegedly violating foreign investment laws.

According to sources, Flipkart and other holding companies, including a holding company in Singapore, violated the Foreign Exchange Transactions Act (FEMA) when attracting foreign investment between 2009 and 2015.

According to the ED, the investigative agency found that WS Retail was a company established in 2009 to conduct transactions with customers. It allegedly served as the front line of Flipkart Online Services’ retail business. The company was established in 2008.

The ED investigation started after the RBI raised this question. Please also read: Xiaomi surpasses Samsung to become the number one smartphone brand for the first time

In 2018, Walmart acquired a majority stake in Flipkart. During the transaction, Sachin Bansal sold his shares to Wal-Mart, while Binny Bansal retained a small portion of the shares. Please also read: The Facebook app’s settings page design has been improved to allow easy access to tools