ED summons former India head of Xiaomi Manu Kumar Jain in FEMA case
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The inquiry under the Foreign Exchange Management Act pertains to foreign remittances of about ₹1,000 crore.
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).
Responding to the development, Xiaomi spokesperson said: “Xiaomi is a law-abiding and responsible company. 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 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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