ED raids multiple locations linked to Chinese mobile phone companies
India Today
Earlier, the Enforcement Directorate had seized assets of Xiaomi under FEMA. Karnataka High Court had stayed that order. The ED had seized Rs 5,551.27 crore of smartphone giant Xiaomi India under the provisions of Foreign Exchange Management Act (FEMA), 1999.
The Enforcement Directorate (ED) is carrying out raids at multiple locations across the country linked directly and indirectly to Chinese mobile phone companies. More than 30 locations have been searched. The ED is searching Vivo and its related companies.
Earlier, the Enforcement Directorate had seized assets of Xiaomi under FEMA. Karnataka High Court had stayed that order. The ED had seized Rs 5,551.27 crore of smartphone giant Xiaomi India under the provisions of Foreign Exchange Management Act (FEMA), 1999. Xiaomi India is a wholly owned subsidiary of the China-based Xiaomi group.
The ED had initiated an investigation in connection with the illegal remittances made by Xiaomi in February this year.
Chinese mobile phone companies have been under the scanner of IT and the ED. According to the Enforcement Directorate, Xiaomi started its operations in India in 2014 and started remitting the money from 2015.
