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Nov 16, 2012, 05.22 PM IST | Source: Reuters

India launches probe against Wal-Mart

India is investigating Wal-Mart Stores Inc over allegations it violated the country's foreign exchange rules, a senior law enforcement official with knowledge of the matter, told Reuters on Friday.

India launches probe against Wal-Mart

India is investigating Wal-Mart Stores Inc over allegations it violated the country's foreign exchange rules, a senior law enforcement official with knowledge of the matter, told Reuters on Friday.

A lawmaker has accused Wal-Mart of "clandestinely and illegally" investing USD 100 million in the multi-brand retail business of its wholesale joint venture partner, Bharti Enterprises, as early as 2010, before India allowed foreign companies to operate front-end stores.

"Yes, the enforcement directorate has initiated an investigation into the allegations against Wal-Mart," said the official, who declined to be named.

Wal-Mart has denied the allegations since they first surfaced last month and said it is in compliance with Indian laws.

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