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Xiaomi India head Manu Jain summoned by ED in foreign exchange probe

Xiaomi India head Manu Jain summoned by ED in foreign exchange probe

India Today
Tuesday, April 12, 2022 02:39:51 PM UTC

Asked about the probe, a Xiaomi spokesperson said the company abides by all Indian laws and was "fully compliant with all the regulations."

The Enforcement Directorate (ED) has summoned a former India head of China's Xiaomi Corporation in an investigation of whether the company's business practices conformed with Indian foreign exchange laws, two sources with direct knowledge told Reuters.

The ED has been probing the company since at least February, and in recent weeks asked Manu Kumar Jain, Xiaomi's former India managing director, to appear before its officers, the sources said.

Jain, now a global vice president at Xiaomi based out of Dubai, was currently in India, the sources said, though the purpose of his visit was not clear.

Asked about the probe, a Xiaomi spokesperson said the company abides by all Indian laws and was "fully compliant with all the regulations."

"We are cooperating with authorities with their ongoing investigation to ensure they have all the requisite information," the statement said.

The actions signal widening scrutiny of the Chinese smartphone maker, whose office in the country was raided in December in a separate investigation over alleged income tax evasion. Some other Chinese smartphone markers were also raided at the time.

Jain did not respond to a request for comment. The Enforcement Directorate also did not respond, though the agency typically does not make details public while investigations are ongoing.

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