SPY389.63+0.17 0.04%
DIA312.42-0.01 0.00%
IXIC11,354.62-33.88 -0.30%

India seizes $725 mln of Xiaomi funds in foreign exchange case

reuters.com · 04/30/2022 05:39
India seizes $725 mln of Xiaomi funds in foreign exchange case

By Aditya Kalra

- India said on Saturday it had seized $725 million from local bank accounts of Chinese smartphone maker Xiaomi Corp XIACY for alleged "illegal outwards remittances."

The Enforcement Directorate said in a tweet, without elaborating, that it had seized 55.5 billion rupees from Xiaomi Technology India Private Limited under provisions of India's foreign exchange laws.

The financial crime fighting agency summoned a former India head of Xiaomi in an investigation of whether the company's business practices conformed with Indian foreign exchange laws, Reuters reported this month. nL3N2WA1JZ

Xiaomi did not immediately respond to a request for comment.


(Reporting by Aditya Kalra in New Delhi; Editing by William Mallard)

((aditya.kalra@tr.com; +91-11-49548021; Twitter @adityakalra;))