The Foreign Exchange Management Act investigation relates to foreign transfers of approximately 1,000 crore.
The Foreign Exchange Management Act investigation relates to foreign transfers of approximately 1,000 crore.
The Enforcement Directorate (ED) has subpoenaed Manu Kumar Jain, a former head of India for Xiaomi, in connection with an ongoing investigation under the Foreign Exchange Management Act (FEMA).
The probe relates to foreign transfers of around 1,000 crore.
It is revealed that Mr Jain was asked to appear before the agency at its Bengaluru office on Wednesday. The ED had previously subpoenaed him twice, but he then failed to participate in the investigation.
Mr. Jain is currently Global Vice President at Xiaomi.
The ED has collected the documents related to the remittances and is reviewing the transactions to determine if they are compliant with FEMA rules.
