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Update: Market Chatter: India's Fraud Office Recommends Probe Into Xiaomi's Local Operations

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(updated with Xiaomi's response)

India's Serious Fraud Investigation Office (SFIO) has recommended a detailed investigation into Xiaomi (HKG:1810) over alleged irregularities in its business model and compliance with foreign investment rules, Reuters reported Wednesday, citing a government document.

The proposed probe will examine fund movements, beneficial ownership, and e-commerce arrangements, the report said.

A Xiaomi representative, in an emailed response to' request for comment, said that Xiaomi India has not received any notice or communication from the SFIO and maintains that it accords paramount importance to the laws of the land and complies with them fully at all times.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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