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The former director of Xiaomi India is under investigation for violating the exchange rate legislation

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As the Reuters, Manu Kumar Jain, the former CEO of Xiaomi India, is under investigation in India for possible breach of foreign exchange legislation.


Τthe company executive, who is currently its vice president Xiaomi Global and resides in Dubai of the UAE, is already in India, but has not made any comment so far.

Manu Kumar Jain, Xiaomi Global VP

The ministry of India is examining the relationship between China-based Xiaomi and its Indian division, for possible illegal capital flows that have been transferred between the two entities, including the payment of royalties.

The competent authority of India (tax), has requested the submission of documents since last February, which include the movements for foreign financing, his possible participation in these movements, the financing patterns that have taken place, but also the full financial situation of all key executives running Xiaomi's India-based company, according to the Reuters.

This new attack on Xiaomi is another step taken by the Government of India in the midst of growing tensions with its neighboring country. Last year, the company's offices in India were raided, launching a separate investigation into alleged income tax evasion.

But in addition to Xiaomi's offices in India, at the same time, there were raids on the offices of other Chinese manufacturers operating in the country's market.


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