ED seized Rs 5,551.27 crore of bank funds belonging to Xiaomi Technology India Private Limited under the provisions of the Foreign Exchange Management Act, 1999 in connection with the illegal outward remittances made by the company.
The Enforcement Directorate (ED) has seized assets worth Rs 5,551.27 crore belonging to Chinese tech major Xiaomi Technology India Private Limited.
The seizure of money lying in bank accounts of the smartphone maker has been done under the provisions of the Foreign Exchange Management Act, 1999 in connection with the illegal outward remittances made by the company, the law enforcement agency said.
According to ED Xiaomi remitted foreign currency equivalent to the attached amount to three foreign entities, including one group entity, hiding the same as “royalty”. The remittances were made at the behest of the Chinese parent group entities, it further added.
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.
— ED (@dir_ed) April 30, 2022
