Xiaomi again lands in trouble! ED show-cause notice to ex-MD Manu Jain over illegal remittances of Rs 5,551 cr
Notices were sent to CFO Sameer Rao, former MD Manu Jain, and three banks for FEMA violation of Rs 5,551 crore on Friday.
In a major development, the Enforcement Directorate has issued a show cause notice to top Xiaomi Technology India officials. According to the news agency PTI, notices were sent to CFO Sameer Rao, former MD Manu Jain, and three foreign banks for alleged foreign exchange violations of more than Rs 5,551 crore.
“The Adjudicating Authority has issued SCN to Xiaomi Technology India, its officials and 3 banks under FEMA on the basis of a complaint filed by the ED with respect to illegal remittances made by the company to the tune of ₹5551.27 crores,” according to the statement released by the Enforcement Directorate on Friday.