Gujarat Exclusive > National-World > ED seizes Rs 5.5k crore from Xiaomi India’s accounts

ED seizes Rs 5.5k crore from Xiaomi India’s accounts

0
213

 

New Delhi: The Enforcement Directorate (ED) on Saturday seized Rs 5551.27 crore from bank accounts of Xiaomi Technology India Private Limited for violation of foreign exchange law.

Xiaomi India is the distributor of Chinese smartphones under the brandname MI.

The seizure was done under provisions of the Foreign Exchange Management Act 1999 in connection with illegal outward remittances made by the company, according to ED.

The agency had initiated a probe against Xiaomi India over the reported illegal remittances in February. The company has so far remitted foreign currency equivalent of Rs 5,551.27 crore to three foreign-based entities. Xiaomi India has not availed any services in return, ED said

“Such huge amounts in the name of royalties were remitted on the instructions of their Chinese parent group entities,” the ED said.

 

 

ED attaches Jacqueline Fernandez’s assets

In another development, ED attached assets worth Rs 7.27 crore of Bollywood actor Jacqueline Fernandez, in a money laundering case involving jailed conman Sukesh Chandrashekhar. The attached property is a fixed deposit, according to sources.

 

To read the latest news in Gujarati click here