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Xiaomi accuses ED of 'physical violence' threats during forex investigation

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Business Standard
By Reuters

Chinese smartphone maker Xiaomi Corp has alleged its top executives faced threats of physical violence and coercion during questioning by Enforcement Directorate (ED), according to a court filing seen by Reuters.

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Officials from ED 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 ED 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.

The company alleges intimidation by India's premier enforcement agency when executives appeared for questioning multiple times in April.

Continue read on business-standard.com

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