Walmart, the world’s largest retailer by sales, is being investigated in India over accusations that it secretly invested in supermarkets, flouting a ban on foreign direct investment in the sector.
The probe comes amid intense scrutiny over Walmart’s international operations. In August the retailer was embroiled in money laundering and tax evasion allegations in Mexico and is facing hurdles expanding in other emerging markets such as China and Brazil.
The commerce ministry last week asked the Reserve Bank of India to investigate allegations that the US retailer “clandestinely and illegally invested” $100m in an Indian chain of convenience stores and hypermarkets, according to documents obtained by the Financial Times.
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