New Delhi, The Indian government is cracking down on Shaomi, the world’s largest mobile handset maker. ED seizes crores of Shaomi India’s assets
The Enforcement Directorate said on April 30 that in a case involving “illegal outward remittances made by the company”, the Indian unit of the Chinese gadget giant had received Rs. 5551.27 crore have been seized.
The seizure was made from the company’s bank account under the provisions of the Foreign Exchange Management Act (FEMA), the CIA said in a statement.
The ED said the probe into the alleged illegal remittances was launched in February this year. The company has offered Rs. 5551.27 crore equivalent foreign currency. One of the three companies is a company of Xiaomi Group which transferred the money in the name of royalty.
The remittances to two other US-based unrelated companies were eventually sent to the Xiaomi Group for final benefits, the agency said.