Manu Kumar Jain took to Twitter to announce his departure from Xiaomi, a Chinese smartphone company, after nine years of association. He was the Global Vice President for the Xiaomi Group.
Announcing his exit from the company, he captioned his tweet, Change is the only constant in life! I m lucky to have received so much love last 9 years, which makes this goodbye so hard. Jain also indicated his next move, as he said, The end of a journey is also the beginning of a new one, full of exciting opportunities. He also mentioned that he will be taking some time off.
The former Jabong co-founder joined Xiaomi India in 2013. He moved on to be the global VP of the smartphone company in 2021, at a time when the Chinese firm maker was under the government of India's scanner. The Enforcement Directorate has been investigating Jain and Xiaomi for alleged violations of foreign exchange rules.
The ED issued an order on April 29, 2022 for the seizure of bank accounts of Xiaomi Technology India on the grounds that royalty payments of more than 5,500 crore to foreign accounts made by the firm since 2016 were in violation of Foreign Exchange Management Act FEMA 1999.