ED summons former India head of Xiaomi Manu Kumar Jain in FEMA case
The Hindu
The inquiry under the Foreign Exchange Management Act pertains to foreign remittances of about ₹1,000 crore.
The Enforcement Directorate (ED) has summoned Manu Kumar Jain, a former India head of Xiaomi, in connection with an ongoing inquiry under the Foreign Exchange Management Act (FEMA).
The probe pertains to foreign remittances of about ₹1,000 crore.
It is learnt that Mr. Jain has been asked to appear before the agency at its Bengaluru office on Wednesday. The ED had earlier summoned him twice, but he had then failed to join the inquiry.
Mr. Jain is currently a global vice-president at Xiaomi.
The ED has gathered the documents related to the remittances and is scrutinising the transactions to determine if they were in consonance with the FEMA rules.
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