30
Apr
The Enforcement Directorate (ED) has seized Rs 5,551.27 crore from smartphone giant Xiaomi India under the provisions of the Foreign Exchange Management Act (FEMA), 1999. Xiaomi India is a wholly owned subsidiary of the China-based Xiaomi Group The ED had started a probe into illegal remittances made through business establishments in February this year. According to the Enforcement Directorate, Xiaomi started its operations in India in 2014 and started sending cash from 2015. “The business venture remitted foreign exchange amounting to Rs 5,551.27 crore to three foreign-based entities comprising a Xiaomi group entity under the guise of royalty. Such huge…
