Friday, 24 March, 2023

India seizes $725 M from Xiaomi India

<p>Xiaomi India&#39;s assets worth $725 M have been frozen by India&#39;s anti-money laundering agency. Under the guise of royalties, Xiaomi India remitted foreign currency to three off-shore entities, one of which was a Xiaomi group firm. Payments were made &quot;on the instructions of their Chinese parent group entities,&quot; according to the reports. Xiaomi India, on Twitter, claimed that its financial procedures adhere to Indian laws and regulations.</p>