Xiomi manju kumar

New Delhi [India]13 April: According to sources, the Enforcement Directorate has asked Manu Kumar Jain, Xiaomi’s former India managing director, to testify before it in an inquiry into the company’s compliance with Indian foreign exchange laws.
Jain has been summoned to appear before the investigators at the company’s Delhi headquarters by 11 a.m. on Wednesday.

According to reports, the ED had already issued a summons to Jain, requesting that he join the inquiry into the firm.

According to sources, the agency launched an investigation into the company in February this year based on some specific information, and Jain, the former India head of China’s Xiaomi Corp, has been asked to share details about the investigation into whether the company’s business practises are illegal practices conformed with Indian foreign exchange laws.

According to the sources, Jain, who is presently located in Dubai as a global vice president at Xiaomi, was in India, albeit the reason of his travel was unclear.

The ED’s measures show that it is intensifying its investigation into the Chinese smartphone maker, whose India office was raided in December last year as part of a separate inquiry into alleged income tax cheating. At the time, other Chinese smartphone manufacturers were also raided.

According to sources, the ED is looking at the existing business structures between Xiaomi India, its contract manufacturers, and its parent company in China, as well as a variety of other issues such as financial transfers between Xiaomi India and its parent company.

Xiaomi is one of India’s largest smartphone vendors, with the company reportedly leading the market in smartphone sales in 2021, followed by Samsung Electronics of South Korea. Other digital gadgets, including as smartwatches and televisions, are also sold by Xiaomi in India. (ANI)


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