India seizes $726 million from Xiaomi
Автор: World Affairs
Загружено: 2022-05-01
Просмотров: 13015
Описание:
On April 30, 2022, the Indian anti-money laundering agency announced the seizure of 55.51 billion rupees ($726 million) from the Chinese mobile phone company Xiaomi for violating the country's foreign exchange laws.The company (also known as Xiaomi India) trades and distributes mobile phones in the country under the brand name MI.
Enforcement Directorate seized the amount from the bank accounts of the company under the provisions of the Foreign Exchange Management Act, 1999
the ED stated that "Under the guise of royalty abroad, the company remitted this amount under the cover of various unrelated documentary facades created among the group entities, which constitutes a violation of Section 4 of Fema. In addition, while remitting funds abroad, the company provided misleading information to banks
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