Xiaomi, a Chinese mobile phone manufacturer, has been investigated by the ED. According to a recent report, the Enforcement Directorate (ED) summoned Xiaomi Global Vice President and former India head. Reuters mentions two persons who claim to have intimate knowledge of the situation. Jain was called in a disquisition to determine if the company’s business actions were in accordance with Indian foreign exchange legislation.
According to the source, Xiaomi has been under investigation since February, and the ED has ordered Manu Kumar Jain to come before its services in the last several weeks. Jain is now the vice-chairman of the company and is based in Dubai. According to the story, he was in India when the ED summoned him.
ALSO READ: Uber Raises Trip Fees In Delhi-NCR Due To Higher Fuel Prices | OyPrice
“We are cooperating with authorities with their ongoing investigation to ensure they have all the requisite information,” the statement said. Xiaomi asserted that the firm abides by all Indian laws and is fully compliant with all regulations.
A senior official said this is the third summons given to him (Jain) after he failed to attend the previous summons. He has been summoned to the agency’s Bengaluru office on Wednesday, according to the official, who did not elaborate.
The behavior gesture increases scrutiny on the Chinese smartphone giant, whose India headquarters was seized in December as part of a separate investigation for alleged income tax evasion. Other Chinese smartphone manufacturers were also searched at the time.
ALSO READ: YouTube Is Working On Bringing A New Feature To IPhone Users | OyPrice
Jain did not reply to a comment request. The Enforcement Directorate of India likewise did not comment, despite the fact that the agency normally does not make details public while investigations are ongoing.
According to the first source, the agency is investigating business arrangements between Xiaomi India, its contract manufacturers, and its parent reality in China. Fund transfers between Xiaomi India and its parent reality, including kingliness payments, are also being investigated.
According to an independent source familiar with the situation, the Enforcement Directorate requested many corporate records in a February notification issued to Xiaomi’s Jain. According to the source, they contained details of foreign funding, ownership and backing patterns, fiscal records, and information on key directors controlling the firm.
ALSO READ: Snapchat Introduces Dynamic Stories To Showcase News Updates In Stories | OyPrice
Join us on Telegram, Facebook, or Twitter and stay up to date with the latest happenings in the tech industry.
