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India seizes $725 million of Xiaomi property over unlawful bills

Xiaomi India had $725 million from its financial institution accounts seized by way of the Enforcement Directorate over the weekend. The state group stated the Indian department of the Chinese language producer remitted the identical of INR55.5 billion to 3 foreign-based entities in breach of foreign currency echange rules.

Manu Kumar Jain, Xiaomi International VP

The directorate mentioned the massive quantities of royalties have been remitted (proficient to different events) by way of Xiaomi Era India Non-public Restricted at the directions in their Chinese language dad or mum corporate. It was once carried out “for without equal advantage of the Xiaomi workforce” in breach of…

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