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Xiaomi world VP Manu Jain seems earlier than ED in FEMA case – Occasions of India

NEW DELHI/BENGALURU: Manu Kumar Jain, the worldwide vice-president of Chinese language cellular manufacturing firm Xiaomi, on Wednesday appeared earlier than the Enforcement Directorate in reference to alleged contravention of the international trade legislation, officers mentioned.
The probe company, in keeping with sources, is investigating the corporate and its executives below the provisions of the International Alternate Administration Act (FEMA) associated to international remittances price crores of rupees remodeled the previous few years.
Jain, the previous India head of Xiaomi, was questioned in regards to the India operations of the corporate and his assertion was recorded at ED’s Bengaluru zonal workplace, they mentioned.
He was requested to furnish a lot of monetary paperwork linked to the corporate which, sources mentioned, have been submitted.
Paperwork associated to Xiaomi’s shareholding, supply of funds, vendor contracts, and funds made to Indian administration and despatched overseas have been sought by the ED from Jain, who supervised its operations in India until lately, officers mentioned.
A Xiaomi spokesperson mentioned they have been “a legislation abiding and accountable firm”, when requested in regards to the ED discover to Jain.
“We give paramount significance to the legal guidelines of the land. We’re absolutely compliant with all of the laws and are assured of the identical. We’re cooperating with authorities with their ongoing investigation to make sure they’ve all of the requisite info,” the spokesperson mentioned.
Proceedings below the FEMA are civil in nature and the ultimate penalty, put up adjudication, may be no less than thrice the quantity contravened below the legislation.
Premises of Xiaomi and few different Chinese language cellular manufacturing corporations have been raided throughout the nation by the Revenue Tax Division in December final 12 months on prices of tax evasion.
The federal government has additionally banned some smartphone purposes owned by Xiaomi on safety grounds.
Xiaomi has been main the Indian smartphone marketplace for the final a number of quarters. Regardless of a dip in smartphone shipments in India, the corporate secured 22 per cent market share within the fourth quarter of 2021 and has maintained its lead.

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