Amazon-Future Retail deal comes under ED scanner for FEMA violations

New Delhi: A month after the Delhi High Court passed adverse remarks against Amazon.com Inc., the Enforcement Directorate (ED) has launched a probe against the Seattle, US-based e-commerce firm to investigate whether it violated the Foreign Exchange Management Act, 1999, (FEMA) in its deal with Future Retail NSE 1.08 % Ltd.

Last month, while passing its judgment on Amazon’s plea challenging the acquisition of Kishore Biyani-led Future Retail by Mukesh Ambani’s Reliance Industries Ltd, the Delhi High Court had observed that Amazon appeared to have indirectly obtained control over the Big Bazaar owner without the approval of the government.