India seizes $725m of Xiaomi assets over illegal remittances

FILE PHOTO: The Xiaomi logo is seen at a Xiaomi shop, in Shanghai, China May 12, 2021. REUTERS/Aly Song

India said on Saturday it had seized $725 million from the local bank accounts of China’s Xiaomi Corp after a probe found the smartphone maker had made illegal remittances to foreign entities by passing them off as royalty payments.

The Enforcement Directorate had been investigating the Chinese company’s business practices over suspected violations of Indian foreign exchange laws.

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