Xiaomi global VP Manu Jain appears before ED

April 13, 2022 20:43

Manu Kumar Jain, the global vice-president of Chinese mobile manufacturing company Xiaomi, on Wednesday appeared before the Enforcement Directorate in connection with alleged contravention of the foreign exchange law, officials said.

The federal probe agency, according to sources, is investigating the company and its executives under the provisions of the Foreign Exchange Management Act related to foreign remittances worth crores of rupees made over the last few years. Jain, the former India head of Xiaomi, was questioned about the India operations of the company and his statement was recorded at ED's Bengaluru zonal office, they said.

He was asked to furnish a number of financial documents linked to the company which, sources said, have been submitted.

Documents related to Xiaomi's shareholding, source of funds, vendor contracts, and payments made to Indian management and sent abroad were sought by the ED from Jain, who supervised its operations in India till recently, officials said.

A Xiaomi spokesperson said they were 'a law abiding and responsible company,' when asked about the ED notice to Jain.

"We give paramount importance to the laws of the land. We are fully compliant with all the regulations and are confident of the same. We are cooperating with authorities with their ongoing investigation to ensure they have all the requisite information," the spokesperson said. -- PTI

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