Xiaomi Caught in Multi-Million Dollar Fraudulent Investments Case in China
Jul. 25, 2018As reported byTechNode,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 thousand (around Rs 3-5 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 meeting the high promised returns.Source: CBD.com
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 various bonusessuch 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 hand, the Xiaomi Sports is another built-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 fake.
As of now, Xiaomi hasn’t issued an official statement on the issue.
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