ED notice to Xiaomi: The Enforcement Directorate (ED) has issued show-cause notices to Xiaomi Technology India, top executives of Xiaomi and three banks in connection with FEMA violations of Rs 5,551 crore. Among them are CFO Sameer Rao and former MD Manu Jain.
According to news agency PTI, the ED said that the Adjudicating Authority of Foreign Exchange Management Act (FEMA) has sent notices under section 16 of FEMA to Xiaomi Technology India Pvt Ltd, two of its officers, Citibank, HSBC Bank and Dutch Bank AG. .
What happens after the FEMA investigation is complete?
A show cause notice is issued after the investigation of a FEMA case is completed and when the case is disposed of, the accused may have to pay a fine of up to three times the amount of the contravention.
The Adjudicating Authority has issued SCN to Xiaomi Technology India Private Limited, its officials and 3 banks under FEMA on the basis of complaint filed by the ED with respect to illegal remittances made by the company to the tune of Rs.5551.27 Crore.
— ED (@dir_ed) June 9, 2023
The ED said that along with Xiaomi, this notice has also been sent to Jain and Rao. The ED had earlier attached Rs 5,551.27 crore deposited in the bank accounts of Xiaomi Technology India Pvt Ltd in connection with illegal remittances.
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