Xiaomi, Vivo and Oppo under investigation for alleged $700 Million fund diversion

The Ministry of Corporate Affairs (MCA) in India has tasked the Serious Fraud Investigation Office (SFIO) with investigating Chinese smartphone makers Vivo, Oppo, and Xiaomi after a Registrar of Companies (RoC) report alleged fund diversion to the tune of Rs 6,000 crore (~ $700 Million), two government sources have told Moneycontrol.

"SFIO is probing Vivo. Xiaomi and Oppo have also given to SFIO. Fund diversions have been alleged in the RoC report. Once the SFIO report is finalised, they will submit it to the MCA"
“The SFIO process will take about a year and began earlier this year in March"

Once finalised, the SFIO’s findings will be submitted to the ministry, which has the authority to initiate legal proceedings against the companies, their directors and related entities in a special court.

Xiaomi will be less active in the Indian market, with only a limited number of smartphones launching.

Source: ET Telecom

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