Xiaomi money laundering

Xiaomi Sources More Production in India Amid Regulatory Scrutiny

30May

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Technology

Xiaomi Sources More Production in India Amid Regulatory Scrutiny

[ad_1] Xiaomi Corp. is deepening local sourcing in India, where the Chinese smartphone company seeks to regain market share it lost amid heightened regulatory scrutiny and stiff competition.Xiaomi contracted homegrown Optiemus Electronics Ltd. to make its bluetooth neckband earphones — the first time an Indian supplier will make an audio product for the Beijing-based tech giant, Muralikrishnan B, president of Xiaomi India, said in an interview. “This marks our entry into a whole new set of categories,” Muralikrishnan said late last week at an Optiemus factory in the Noida suburb of Indian capital New Delhi. “We see this as a milestone, as further proof of our commitment to making in India.” Xiaomi led India's smartphone market for years, but allegations of money laundering and increased...

India says Xiaomi misled Deutsche Bank on ‘illegal’ royalty payments

[ad_1] Xiaomi has locked horns with India's financial crime fighting agency, the Enforcement Directorate, since it froze $670 mn of the company's bank assets. Indian investigators have alleged Chinese smartphone maker Xiaomi Corp's India unit misled its banker Deutsche Bank AG for years by claiming it had an agreement for payment of royalties when it had none, legal documents showed.Xiaomi has locked horns with India's financial crime fighting agency, the Enforcement Directorate, since it froze $670 million of the company's bank assets saying a probe found the smartphone seller made "illegal remittances" to U.S. chip firm Qualcomm and others in the "guise" of royalties. Xiaomi denies wrongdoing and approached an Indian court arguing its payments were legitimate and that the assets fre...

After crackdown, Xiaomi to flee India for Pakistan? Chinese company reacts

[ad_1] Xiaomi has slammed the allegations that it might be moving all its India operations to Pakistan in a Twitter post and called it “completely false and baseless”. Earlier this week, reports claimed that Xiaomi might move its operations from India to Pakistan. The reports emerged amid a crackdown by the Enforcement Directorate where the Indian government froze Xiaomi's assets worth $676M for allegedly violating Foreign Exchange Management Act (FEMA) guidelines. However, the smartphone maker has responded to the allegations in a Twitter post and has said that any reports suggesting the company's move are “completely false & baseless”. The official Twitter handle of Xiaomi gave the statement while responding to a tweet by South Asia Index.South Asia Index cited sources for its t...