Update Xiaomi India S Deposits Worth Rs 5 551 Crore Seized For Violating The Fema Law
Xiaomi Assets Worth Over Rs 5,551 Crore Seized in India In an official tweet today, the Enforcement Directorate confirmed that it has seized a whopping Rs 5,551 crore sum from Xiaomi’s bank accounts. This move comes after an investigation was launched into the Chinese giant’s practices back in February. The federal agency started the probe in regards to alleged illegal remittances to a foreign entity. ED has seized Rs.5551.27 Crore of M/s Xiaomi Technology India Private Limited lying in the bank accounts under the provisions of Foreign Exchange Management Act, 1999 in connection with the illegal outward remittances made by the company....