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CBI found investment rules violations by Wal-Mart, says MP news
19 July 2013

The Central Bureau of Investigation (CBI) has found that US retail giant Wal-Mart Stores has violated the country's foreign exchange regulations, including RBI regulations, in a business deal struck with Bharti group, much before the government allowed FDI in multi-brand retail, CPI leader M P Achuthan said today.

The Rajya Sabha MP, who took up the matter with the prime minister last year, said the CBI had in a letter said the business deal involved violation of regulations but the agency expressed its inability to probe the matter since FEMA violations were beyond its purview.

The matter was "analysed" and it "revealed violations of RBI guidelines and FEMA regulations", the MP quoted from the CBI letter.

The Economic Intelligence Wing of the CBI, which looked into his complaint, said the matter was closed by it since RBI and FEMA regulations do not fall under its purview, Achuthan said.

CBI did not provide any details on the matter.

Wal-Mart, however, has denied the accusations and said on Friday it has cooperated with the government during the investigation.

Achuthan, last month, again wrote to the prime minister expressing concern over the dilly-dallying in the matter. He said the matter has since been forwarded to CBI and the Central Vigilance Commission.





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CBI found investment rules violations by Wal-Mart, says MP