Xiaomi's bank accounts containing $726 million seized by India's enforcement agency in forex probe

By Freny Patel ( May 2, 2022, 10:03 GMT | Insight) -- Bank deposits valued at 55.5 billion rupees ($726 million) were seized from Chinese mobile manufacturer Xiaomi by India's enforcement agency following allegations the company has been illegally remitting money overseas on the instruction of its Chinese parent. The Directorate of Enforcement said on Saturday the bank accounts of Xiaomi's wholly-owned Indian subsidiary, Xiaomi Technology India, were seized following an investigation in February into outward remittances in the guise of royalty payments.Bank deposits valued at 55.5 billion rupees ($726 million) were seized from Chinese mobile manufacturer Xiaomi by India's enforcement agency following allegations the company has been illegally remitting money overseas on the instruction of its Chinese parent....

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Xiaomi's bank accounts containing $726 million seized by India's enforcement agency in forex probe

Prepare for tomorrow’s regulatory change, today

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