India court says China's ByteDance must deposit $11m in tax case

An Indian court on Tuesday said China’s ByteDance must deposit around $11 million that authorities believe the company owes in an alleged case of tax evasion, a decision the government said bars the firm from using existing bank funds for other purposes.

An Indian tax intelligence agency in mid-March ordered HSBC and Citibank in Mumbai to freeze accounts of ByteDance India as it investigated some of the firm’s financial dealings. ByteDance challenged the move in court saying the freeze amounted to harassment and was done illegally.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter