The Enforcement Directorate (ED) has filed a complaint against fintech platform Simpl and its director, Nithya Nand Sharma, for financial misconduct amounting to more than Rs. 913 crore, as per an ED press release shared on July 23.
The ED has filed a case under Section 16(3) of the Foreign Exchange Management Act, 1999 (FEMA), and revealed that One Sigma Technologies Pvt Ltd (which operates under the brand name Simpl) received “a substantial amount” of foreign direct investment (FDI) from the US, in violation of the extant FDI…
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