ED seizes over Rs 5,000 Cr of Xiaomi Technology India under provisions of FEMA
The Enforcement Directorate, ED has seized over 5,551 crore rupees of Xiaomi Technology India Private Limited under the provisions of Foreign Exchange Management Act.
Xiaomi India is wholly owned subsidiary of China based Xiaomi group. ED had initiated investigation in connection with the illegal remittances made by the company in the month of February this year.
Xiaomi India is a trader and distributor of mobile phones in India under the brand name of MI. Xiaomi India procures completely manufactured mobile sets and other products from the manufacturers in India.