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ED Seizes Rs 5,551 Crore Deposits Of Chinese Smartphone Maker Xiaomi For FEMA Violation
Xiaomi Logo (xiaomi / via twitter)
Xiaomi started its operations in India in 2014 and started remitting the money from the next year, it said.
Such huge amounts in the name of royalties were remitted on the instructions of their Chinese 'parent group' entities, it alleged.
It said while Xiaomi India procures completely manufactured mobile sets and other products from the manufacturers in India it has not availed any service from these three foreign based entities to whom such amounts have been transferred.
The said section of the civil law of FEMA talks about 'holding of foreign exchange.'
Earlier this month, the ED had also questioned the global vice president of the group, Manu Kumar Jain, at the agency's regional office in Bengaluru, Karnataka.
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