India Seizes $725m From Xiaomi Over ‘Illegal’ Remittances
May 1, 2022
12:47 am
India have announced the seizure of $725 million from the local bank accounts of Xiaomi following a probe which found out that the Chinese smartphone giant had unlawfully sent money abroad in the guise of royalty payments, authorities.
Africa Daily News, New York reports that India’s financial crime investigations agency had began investigating the company in February and revealed that it seized the money from the firm’s local arm after discovering it had made remittances to three foreign-based entities.
The Enforcement Directorate in a statement on Saturday said; ‘Such huge amounts in the name of royalties were remitted on the …
