The Handelot Times
India seizes 725mln USD from China’s Xiaomi over ‘illegal’ remittances
Anti-Chinese sentiment has grown in India, prompting consumer boycott calls for Chinese products such as electronics giant Xiaomi.
Anti-Chinese sentiment has grown in India, prompting consumer boycott calls for Chinese products such as electronics giant Xiaomi.
That’s why India seized $ 725 million from Xiaomi’s local bank accounts after an investigation found that the Chinese smartphone giant illegally sent money overseas in the form of royalty payments, authorities said.
India’s Financial Crime Investigation Agency began investigating the company in February and said it seized the money from the firm’s local arm after it found it had remitted to three overseas-based entities. ‘How many huge amounts in the name of royalties have been remitted on instructions from their Chinese parent group entities,’ the enforcement management said in a statement.
Xiaomi India denied the allegations, stating last Saturday that its operations are firmly in compliance with local laws and regulations. ‘We believe our royalty payments and bank statements are all legitimate and truthful,’ Xiaomi India responded with a tweet.
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