Archive · 23 Jul 2025
ED Files Complaint Against SIMPL for Rs 913 Crore FEMA Violation
Imagine a company called SIMPL that lets people buy things and pay later.
The government checks how companies get money from other countries (FDI).
SIMPL got money this way.
But, the government said SIMPL didn't follow the rules, especially about getting permission first.
They also issued special notes without permission.
The government is now investigating because the company didn't follow the rules about how money from other countries is handled, which is against the law.
The Enforcement Directorate (ED) filed a complaint against One Sigma Technologies Pvt Ltd (SIMPL) for violating the Foreign Exchange Management Act (FEMA).
The violation involves a sum of approximately Rs 913 crore (Rs 913,75,88,062).
The ED's investigation revealed that SIMPL received Foreign Direct Investment (FDI) from the US, allegedly against FDI policy.
SIMPL operates a 'Buy Now Pay Later' service through its mobile application.
The company issued convertible notes without obtaining necessary government approval, contravening FEMA regulations.
- Who
- The Enforcement Directorate (ED) against One Sigma Technologies Pvt Ltd (SIMPL) and its Director Nitya Nand Sharma.
- What
- The Enforcement Directorate filed a complaint against SIMPL for FEMA violations related to FDI.
- When
- The Enforcement Directorate's Bengaluru Zonal Office filed the complaint on Wednesday.
- Where
- Bengaluru
- Why
- SIMPL allegedly contravened FEMA by receiving FDI and issuing convertible notes without required government approvals.
ED's Stance
SIMPL's Stance
Violation
ED's Stance
SIMPL violated FEMA regulations.
SIMPL's Stance
Not applicable
- Company
- One Sigma Technologies Pvt Ltd (SIMPL)
- Violation
- FEMA
- Amount Involved
- Rs 913,75,88,062
- FDI Source
- US
- Business Activity
- Buy Now Pay Later services
- FDI Route
- Automatic
- Convertible Notes
- Rs 264,88,11,582