Xiaomi Caught in Multi-Million Dollar Fraudulent Investments Case in China
Xiaomi has been on a coil lately, launching a plethora of phones already in the Q1 of 2018. Not to forget the recent IPO, which was i of the well-nigh hyped public offerings in Asia. However, not everything has been happy news for the company. Recent reports suggest Xiaomi relied on peer-to-peer(P2P) lending platform ads, which were later found to be fake, resulting in massive losses for the investors.
Every bit reported past TechNode, many Xiaomi users have found that some of the financial products that they invested in through Xiaomi were found to be scams. They've further accused Xiaomi of pushing fraudulent ads and lacking moderation on the lending platform.
As per the reports,some of the platforms promised high returns for RMB 30 or 50 yard (effectually Rs 3-v lakh) investment, which were very tempting for investors. Unfortunately, many of them proved to be scams, where operators fled with investors' money and some are having troubling coming together the high promised returns.
These ads have been reported to be displayed in the Xiaomi VIP and Xiaomi Sports app. The Xiaomi VIP is a MIUI feature whereusers can receive diverse bonuses such as phone calling credits and membership discounts from Tencent video for downloading a game or app from the phone's game center. On the other mitt, the Xiaomi Sports is another congenital-in app that tracks users daily fitness data. As per the report, both of these apps included registering at the P2P lending platforms, which turned out to be mostly imitation.
Xiaomiincreased marketing for these P2P platforms in July 2017;the visitor's advertizing promotion has accomplished a revenue of RMB 1.nine billion, 9.4% of Xiaomi's total revenues. Even so, people inside Xiaomi who are familiar with the matter said thatthey takereceived use r south' complaints since June. In fact, t here have been 429 users who have filed a complaint and the full amount of money involved was up to about RMB 40 million (roughly $6 Million USD). That beingness said, the report goes on to suggest that some of the coin has been retrieved.
As of now, Xiaomi hasn't issued an official argument on the issue.
Source: https://beebom.com/xiaomi-fraudulent-investors-china/
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