Kishore Biyani appears before ED in probe into forex violation

Asia's Tech News Daily

kishore biyani, ed, forex, future group, amazon, india

Future Group founder and chief executive officer Kishore Biyani appeared before the Enforcement Directorate (ED) here on Monday in connection with a 2019 deal with Seattle-based Amazon.com Inc, as part of its probe into possible violation of forex rules.

Biyani arrived at the central agency’s Khan Markt headquarter shortly before his scheduled appearance time of 11 am, said a person privy to the developments.

This follows summons by the ED to the Future Group’s management including its chief executive officer Biyani on November 26, seeking to verify documents and record statements under the Foreign Exchange Management Act (FEMA).

An email sent to Future Group did not elicit a response.

In the same matter, Amazon’s Indian management has been asked to appear on December 7 and December 8 for questioning.

Sources said Biyani is required to assist the ED officials in taking the probe forward.

It is learnt that while questioning Biyani, officials carried out cross-verification of a slew of documents including the emails and correspondence between Future and Amazon before and after they entered into a commercial pact two years ago.

He was also asked to explain agreement terms and whether there were any anomalies.

Biyani is learnt to have apprised the ED about the legal filings and various affidavits submitted by representatives of both firms at various judicial forums and courts.

“If need be, promoters and management could be called again,” an official indicated.

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