Xiaomi accuses Indian agency of ‘physical violence’ threats during probe Xiaomi has been under investigation since February and last week ...

 

Xiaomi accuses Indian agency of ‘physical violence’ threats during probe

• Xiaomi has been under investigation since February and last week the Indian agency seized $725 million lying in the company's India bank accounts.
• Chinese smartphone maker Xiaomi Corp has alleged its top executives faced threats of “physical violence” and coercion during questioning by India’s financial crime fighting agency, according to a court filing seen by Reuters.
• Officials from the Enforcement Directorate warned the company’s former India managing director, Manu Kumar Jain, current Chief Financial Officer Sameer B.S. Rao, and their families of “dire consequences” if they did not submit statements as desired by the agency, Xiaomi’s filing dated May 4 stated.
• The Enforcement Directorate did not immediately respond to a request for comment.
• Xiaomi has been under investigation since February and last week the Indian agency seized $725 million lying in the company’s India bank accounts, saying it made illegal remittances abroad “in the guise of royalty” payments.
• Xiaomi has denied any wrongdoing, saying its royalty payments were legitimate. On Thursday, a judge heard Xiaomi lawyers and put on hold the Indian agency’s decision to freeze bank assets. The next hearing is set for May 12.