Thursday, 13 April, 2023

Xiaomi India fined $725M by the Directorate of Enforcement

<p>After discovering that Xiaomi India had infringed foreign exchange laws, India&#39;s anti-money laundering agency, the Directorate of Enforcement (ED), took assets valued $725 million from the firm. The company began operations in India in 2014, and the illicit conduct is said to have started in 2015. Xiaomi India allegedly sent foreign revenue to three off-shore entities under the guise of royalties, one of which was a Xiaomi group entity, while the others were US-based.</p>