Days after it questioned Chinese mobile manufacturer Xiaomi’s global vice-president for alleged forex violations by the company, the Enforcement Directorate (ED) on Saturday seized Rs 5,551.27 crore belonging to Xiaomi Technology India Private Limited under the provisions of the Foreign Exchange Management Act,1999.
Xiaomi India is a wholly owned subsidiary of the China-based Xiaomi group. According to the ED, the seized amount was lying in the bank accounts of the company. The ED had initiated an investigation in connection with the illegal remittances made by the company in the month of February this year.
Nice
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit