Rs 5,551-crore FEMA violation: ED issues show-cause notices to Xiaomi, 2 senior executives, 3 foreign banks

The Enforcement Directorate’s Adjudicating Authority has issued show-cause notices under the Foreign Exchange Management Act (FEMA) to Xiaomi Technology India Private Limited, its officials and three banks in a case of alleged illegal remittances made by the Chinese company worth ?5,551.27 crore.

The federal agency, in a statement issued on Friday, said the show-cause notices have been issued to the company along with Manu Kumar Jain, former managing director, and Sameer B Rao, present director and CFO of the company.