The raids are the latest setback for Amazon and Flipkart, which count India as a key growth market where e-commerce sales are rapidly risingSmartphone with Flipkart logo is seen in front of displayed Amazon logo in this illustration taken, July 30, 2021. REUTERS/Dado Ruvic/IllustrationSmartphone with Flipkart logo is seen in front of displayed Amazon logo in this illustration taken, July 30, 2021. REUTERS/Dado Ruvic/IllustrationIndia's financial crime agency has raided offices of some sellers operating Amazon and Walmart-owned Flipkart in an investigation into alleged violations of foreign investment rules, three government sources said on Thursday. The raids are the latest setback for Amazon and Flipkart, which count India as a key growth market where e-commerce sales are rapidly rising. "The raids on sellers of Amazon and Flipkart is a part of ED’s probe ... for alleged violations of foreign exchange laws," said the first government source with direct knowledge.
