Former director of Xiaomi India under investigation for violating foreign exchange laws
Manu Kumar Jain, the former CEO of Xiaomi India, is being investigated for a possible violation of Indian foreign exchange laws, Reuters reveals, citing two sources with direct knowledge.
The executive, currently global vice president and based in Dubai, United Arab Emirates, is already in India but did not respond to a request for comment.
Manu Kumar Jain, Global Vice President of Xiaomi
The Indian Law Enforcement Directorate is investigating the relationship between the Chinese company Xiaomi and its Indian division. Flows of funds between the two entities, including royalty payments, are being reviewed.
The agency requested documents in February, including details of foreign financing, shareholding, financing models, financial statements and key company executives, Reuters reported.
The attack on Xiaomi is another step taken by India amid rising tensions with its neighboring country. Previously, the review involved a raid on the brand’s offices in India as part of a separate investigation into alleged tax evasion. Other Chinese manufacturers were also raided.
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