ED summons former India head of Xiaomi Manu Kumar Jain in FEMA case

The investigation under the Foreign Exchange Management Act concerns foreign remittances of approximately ₹1,000 crore.

The investigation under the Foreign Exchange Management Act concerns foreign remittances of approximately ₹1,000 crore.

The Enforcement Directorate (ED) has subpoenaed Manu Kumar Jain, a former head of Xiaomi in India, over an ongoing investigation under the Foreign Exchange Management Act (FEMA).

Commenting on the development, the Xiaomi spokesperson said: “Xiaomi is a law-abiding and responsible company. We attach the utmost importance to the laws of the country. We fully comply with all regulations and are confident in them. We cooperate with the authorities in their ongoing investigation to ensure they have all the required information”

The investigation covers foreign remittances of approximately ₹1,000 crore.

It has been learned that Mr. Jain has been asked to appear before the desk at the Bengaluru office on Wednesday. The ED had previously subpoenaed him twice, but he had not participated in the investigation at the time.

Mr. Jain is currently a global vice president at Xiaomi.

The ED has collected the documents related to the transfers and is examining the transactions to determine whether they were in compliance with FEMA rules.

www.thehindu.com

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