India seizes $725 million China’s Xiaomi over remittances

NEW DELHI — Indian authorities on Saturday seized $725 million from Chinese language smartphone firm Xiaomi, accusing it of breaking the nation’s international change legal guidelines by making unlawful remittances overseas, officers stated. The Enforcement Directorate, India’s monetary investigation company, tweeted that it had seized the quantity from Xiaomi’s native unit. The transfer comes after … Read more

India seizes $725 million property from Xiaomi unit over unlawful remittances – TechCrunch

India’s anti-money laundering company stated on Saturday it has seized property price about $725 million from Xiaomi India for breaching the nation’s international trade legal guidelines in a significant blow to the Chinese language cellphone maker that instructions the Indian smartphone market. The Indian Enforcement Directorate stated it had seized financial institution accounts of Xiaomi … Read more