New Delhi : The troubles from its Big Billion Day sale just don’t seem to end for Flipkart. After the outrage online and the government promising to examine its policy on e-commerce, the Enforcement Directorate is reportedly set to launch a probe into whether any foreign exchange laws were violated during the sale.
The massive discount sale by Flipkart, last week, is reportedly being scrutinised by the Enforcement Directorate following complaints from buyers and traders against the online retail giant.
Sources said the agency is “discreetly inquiring into” whether the company has flouted any retail rules during the single-day sale held on October 6.
“There is no proof of anything wrong yet, we are investigating complaints,” an official said.
Earlier this week, traders’ bodies had asked the government to take steps to monitor and regulate online businesses, alleging unfair competition and lack of a level-playing field.
The portal’s “Big Billion Day” sale offered steep discounts on various products, raising concerns among traders that such campaigns would badly affect players in the traditional retail market.
Flipkart said 1.5 million people shopped at its portal and five lakh mobile handsets, clothes and shoes and 25,000 TV sets were sold within hours. It also claimed that products worth over Rs. 600 crore were sold in just 10 hours. The shopping spree resulted in the website crashing for hours, which sparked anger on social media.
The Enforcement Directorate is also looking into the suspected violation of the Foreign Exchange Management Act or FEMA by Flipkart in an earlier, unrelated case.
The ED will be investigating the matter and is also said to be seeking hefty penalty, if Flipkart is found to have flouted any rules.