India’s Serious Fraud Office recommends ‘detailed’ probe into Xiaomi’s business in country
NEW DELHI: 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.
