Archive · 25 Jul 2025
ED Files Complaint Against Simpl for Foreign Exchange Violations
The Enforcement Directorate (ED) has accused Simpl, a "buy-now-pay-later" company, of breaking the rules about how they get money from other countries.
Simpl got a lot of money from the U.S. but didn't follow the correct procedures.
The ED says Simpl should have gotten permission first, because its business is more like a financial service, not IT.
Because Simpl did not get permission, the ED has filed a complaint.
The total amount in question is around 913.75 crore rupees.
ED filed a complaint against Simpl for allegedly violating foreign exchange regulations.
The alleged violation amounts to Rs 913.75 crore.
The complaint was filed under section 16(3) of FEMA, 1999.
Simpl received FDI worth Rs 648.87 crore from the US.
Simpl declared its business as "Benefits of Information Technology and other computer service activities".
- Who
- The Enforcement Directorate (ED) and Simpl (One Sigma Technologies)
- What
- The ED filed a complaint against Simpl for allegedly violating foreign exchange regulations.
- When
- Not explicitly mentioned.
- Where
- Bengaluru, India
- Why
- Simpl allegedly violated foreign exchange regulations by receiving FDI without proper approval.
- Company
- Simpl (One Sigma Technologies)
- Alleged Violation
- Foreign Exchange Regulations
- Amount
- Rs 913.75 crore
- FDI Source
- United States
- FDI Amount
- Rs 648.87 crore
- Legal Act
- FEMA, 1999