Manu Kumar Jain, former MD of Xiaomi India, is under investigation over a possible breach of India’s foreign exchange laws as per Reuters.
The executive is currently the global VP for Xiaomi and resides in Dubai, UAE. He is in India for now but he did not respond to a request to comment on this matter. India Enforcement Directorate is looking into this matter and is closely observing the relationships between the Chinese company Xiaomi and its Indian division.
The flow of funds between the two entities is being reviewed closely, this includes all payments of royalty as well.
The agency requested documents from Xiaomi in February, including details on foreign funding, shareholding, funding patterns, financial statements, and key executives running the business, as per the source.
The attack on Xiaomi is yet another step that India is taking toward a Chinese company. Xiaomi India’s office in India was raided previously over allegations of income tax evasion. Other Chinese OEMs were also raided.
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