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The Hindu
The Hindu
National
The Hindu Bureau

Enforcement Directorate seizes ₹5,551 crore deposits of smartphone giant Xiaomi Technology India under FEMA

Xiaomi FEMA Xiaomi India Enforcement Directorate ED India

The Enforcement Directorate has seized ₹5,551.27 crore of Xiaomi Technology India Private Limited under the provisions of the Foreign Exchange Management Act (FEMA), in connection with the alleged illegal remittances made by the company.

Xiaomi India is wholly owned subsidiary of China–based Xiaomi group. “This amount was lying in the bank accounts of the company,” said an official.

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