FEMA violations alleged: ED seizes Rs 5,551 crore deposits of Xiaomi

Company says all payments ‘legit & truthful’.
Written by FE Bureau

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May 1, 2022 4:45:00 am
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xiaomi ed

Xiaomi started its operations in India in 2014. (Reuters)

The Enforcement Directorate said on Saturday it has seized Rs 5,551 crore

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bank deposits of Chinese mobile manufacturing firm Xiaomi Technology India for violating

the foreign exchange management Act (FEMA). “ED has seized Rs 5551.27 crore of Xiaomi

Technology India Private Limited lying in the bank accounts under the provisions of FEMA, 1999,

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