NEW DELHI: The ED's Bengaluru unit on Wednesday issued a show-cause notice of Rs 914 crore to One Sigma Technologies Pvt Ltd and its director Nithya Nand Sharma for violating Foreign Exchange Management Act to receive Rs 649 crore in FDI from the US without govt's approval.
The company operates through its mobile app called SIMPL and offers "Buy Now Pay Later" services to users of various online shopping and travel platforms. "...One Sigma Technologies received FDI of Rs 648.88 crore and issued convertible notes of Rs 264.88 crore under 100% automatic route by declaring its business as 'benefits of information technology and other computer service' activity," the agency said.
The company operates through its mobile app called SIMPL and offers "Buy Now Pay Later" services to users of various online shopping and travel platforms. "...One Sigma Technologies received FDI of Rs 648.88 crore and issued convertible notes of Rs 264.88 crore under 100% automatic route by declaring its business as 'benefits of information technology and other computer service' activity," the agency said.
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