Apr 30, 2022
India Seizes $726 Million From Local Xiaomi Unit on Forex Breach
Bloomberg News
,(Bloomberg) -- India’s anti-money laundering agency said it seized 55.51 billion rupees ($726 million) from a local unit of Chinese mobile company Xiaomi Corp. for breaching the country’s foreign exchange laws.
The money was seized from the bank accounts of Xiaomi Technology India under the provisions of the Foreign Exchange Management Act, the Enforcement Directorate said in a Twitter post on Saturday. Xiaomi didn’t immediately respond to a request for comment.
Xiaomi accounts for more than a fifth of India’s smartphone market share by shipment volumes, making it the largest.
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