Shulou(Shulou.com)11/24 Report--

CTOnews.com, October 28 (Xinhua)-- Xiaomi is gradually shutting down its financial services business in India, according to TechCrunch, citing people familiar with the matter.

Xiaomi recently removed its Mi Pay and Mi Credit apps in India from local Play Store and its own app store, the report said. TechCrunch said that three years after its launch, Mi Pay was no longer listed as an approved application by India's National payments Corporation (NPCI) regulator.

CTOnews.com has learned that Xiaomi has been investigated and frozen by the Indian government so far this year. In May, Indian law enforcement seized about 4.8 billion yuan of bank assets of Xiaomi Technology India Private Co., Ltd., saying it found that the company had illegally remitted money to three foreign entities "through false royalties", including a Xiaomi group entity. Xiaomi denied any wrongdoing, saying its "royalty payments and statements to the bank are legal and true".

Xiaomi then filed a lawsuit with the High Court in the southern Indian state of Karnataka against India's decision to crack down on financial crime institutions.

In August this year, Wang Xiang, a partner and president of Xiaomi Group, said at the financial analysis meeting that Xiaomi was actively responding to the Indian government's investigation and that there was no provision at present, because Xiaomi's business in India was still in normal progress. Xiaomi has successfully unfrozen more than $700 million in frozen funds.

Wang Xiang said that some of the frozen funds are still under negotiation, and Xiaomi's business progress in India and factory production are also in normal progress. Xiaomi will seriously and actively communicate frankly with the relevant departments of the Indian government, as well as appeal through the judicial system.

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