The Enforcement Directorate (ED) has 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 the company in February.
#Xiaomi #ED #EDHeatOnXiaomi #IndiaToday
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