ED tightens its grip on this big smart phone company of China, Rs 5551 crore deposited in the account seized

EDs Big Action on Xiaomi India Limited: ED has tightened its grip on Chinese smart phone company Xiaomi India Pvt Ltd. The Enforcement Directorate has seized Rs 5551.27 crore deposited in the bank account of Xiaomi Technology India Pvt Ltd under the provisions of the Foreign Exchange Management Act, 1999. Let us tell you that Xiaomi India is a wholly owned subsidiary of Xiaomi Group of China. Acting on the bank accounts of the company, the Enforcement Directorate has seized an amount of Rs 5551.27 crore lying in the account. This amount seized by the ED of Xiaomi India Private Limited Company was lying in the bank accounts of the company. The Enforcement Directorate had initiated a probe into the illegal remittances made by the company in the month of February this year.

 

ED has seized Rs 5551.27 crores of Xiaomi Technology India Private Limited, lying in the bank accounts under the provisions of the Foreign Exchange Management Act, 1999 in connection with the illegal outward remittances made by the company: ED pic.twitter.com/6ZmO9Odltg

— ANI (@ANI) April 30, 2022

Let us tell you that before this, in the year 2014, the Chinese mobile company Xiaomi India started its business in India in the year 2014 and started sending money to India from the year 2015. The company has remitted foreign exchange equivalent to Rs 5551.27 crore in the guise of royalty to three foreign based entities. The surprising thing here is that Xiaomi did not take advantage of any kind of service from these three companies. In these three companies, an organization of Xiaomi Group is also included. In the name of royalty, such a huge amount was sent on the instructions of the organizations of Xiaomi Group. In this, the amount remitted to the other two US based unrelated entities was also for the ultimate benefit of the Xiaomi group entities.

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