The investment follows comments from finance minister Arun Jaitley last week that Visa and rival Mastercard were losing market share to domestic payments networks.

According to industry sources, Singh is expected to join Flipkart in December, and will work closely with Flipkart CEO Kalyan Krishnamurthy.

The Noida-based IT consultancy, which was tasked to build technology support for a US-based technology company and providing Indian engineers, allegedly defrauded it for almost a decade.

Trump's statement came ahead of his meeting with his Chinese counterpart Xi Jinping in Argentina later this month, and in the backdrop of the trade war which began after the US imposed additional tariffs on billions of dollars of Chinese exports.

He will be best remembered for iconic campaigns such as 'Lalitaji' for Surf, 'Cherry Charlie' for Cherry Blossom Shoe Polish, MRF's 'Muscle Man', the Liril girl in the waterfall and 'Hamara Bajaj' for the auto major.