By Aditya Kalra
NEW DELHI, Sept 9 (Reuters) - India's Serious Fraud Office has recommended Xiaomi be investigated for alleged irregularities in its business model and compliance with foreign investment law, potentially intensifying scrutiny of the smartphone maker, a government document shows.
China's Xiaomi was once India's top-selling smartphone brand but has seen its market share dwindle amid intense competition from Apple and Samsung. It is also battling several tax demands and royalty payment disputes.
The recommendation from India's Serious Fraud Investigation Office (SFIO) said the investigation should examine movement of funds and whether Xiaomi sought mandatory investment approvals as required after India tightened scrutiny of Chinese investments following deadly border clashes between the two nations in 2020.
A person familiar with the matter said the government is examining the memorandum, which was drafted in May and reviewed by Reuters.
#serious #fraud #investigation #investment
NEW DELHI, Sept 9 (Reuters) - India's Serious Fraud Office has recommended Xiaomi be investigated for alleged irregularities in its business model and compliance with foreign investment law, potentially intensifying scrutiny of the smartphone maker, a government document shows.
China's Xiaomi was once India's top-selling smartphone brand but has seen its market share dwindle amid intense competition from Apple and Samsung. It is also battling several tax demands and royalty payment disputes.
The recommendation from India's Serious Fraud Investigation Office (SFIO) said the investigation should examine movement of funds and whether Xiaomi sought mandatory investment approvals as required after India tightened scrutiny of Chinese investments following deadly border clashes between the two nations in 2020.
A person familiar with the matter said the government is examining the memorandum, which was drafted in May and reviewed by Reuters.
#serious #fraud #investigation #investment
1 day ago
