Xiaomi is the latest big Chinese company to face the heat in India
CNN
India has seized more than $700 million from one of China's biggest tech companies after accusing it of moving money out of the country illegally.
In a statement on Friday, India's Enforcement Directorate — the country's main financial investigation agency — accused the Indian subsidiary of smartphone maker Xiaomi of violating foreign exchange laws by making "illegal remittances."
The agency said Xiaomi India, acting on the instructions of its parent company, "had remitted foreign currency equivalent to [55.5 billion rupees, $726 million] to three foreign based entities which include one Xiaomi group entity in the guise of royalty."
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