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Published
Jul 1, 2022
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CAIT accuses Metro of violating FDI regulations, Metro denies claims

Published
Jul 1, 2022

The Confederation of All India Traders has accused German retail business Metro of violating foreign direct investment regulations and of fund diversion but Metro has rejected these claims. 

CAIT has called for an investigation into Metro - Metro


“As per the media reports Metro Germany is looking to sell the India business and make profits of over Rs 10,000 crore on its investment in India which is nothing but the diversion of funds by accruing huge profits in India in past years,” said CAIT in a statement, the Press Trust of India reported. 

CAIT has alleged that Metro is operating a business-to-customer operation disguised as a cash-and-carry business and wholesale operation. According to CAIT, shoppers at Metro have to show their tax registration as per cash-and-carry regulations but Metro was allegedly issuing fake tax registration cards to enable non-business customers to shop. Metro denies this. 

‘We have complained to the Enforcement Directorate, which is investigating the matter,” said a CAIT spokesperson. “There is nothing to investigate as the violations are large scale and blatant. We are confident that the Enforcement Directorate will soon complete its investigation and impose a fine of at least Rs 12,000 crore on Metro India.”

Metro responded that, since entering the Indian market in 2003, the business has had an impeccable track record of complying with Indian regulations. “We condemn the false and malicious allegations being made on us with a vested interest,” said a Metro AG spokesperson, ET Bureau reported.  

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