The Indian Financial Crime Agency has seized $725 million from Xiaomi India accounts.
According to the agency, the Indian division of the company transferred funds in the amount of 55.5 billion Indian rupees to three foreign companies, which is a violation of the country’s law.
In addition, according to Indian authorities, these transfers were made by Xiaomi Technology India Private Limited at the behest of their Chinese parent company. The agency alleges that Xiaomi violated Rule 4 of the Foreign Exchange Administration Act in 1999 for its ultimate benefit.
In response, the firm stated that it complies with Indian law and bank statements are legal. In addition, these payments represent royalties for technologies used in products for the Indian market. The company expressed its willingness to cooperate with government agencies to resolve any issues.
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