Indian Financial Crimes Enforcement Agency has seized Xiaomi accounts due to suspicions of money laundering, reports Reuters.
The company transferred $725 million to three foreign organizations under the guise of royalties.
Such huge royalties were transferred at the behest of their Chinese parent company.
Indian Financial Crime Enforcement Agency
Two transfers were sent to US organizations that are associated with Xiaomi. The company gave banks false information to transfer money abroad.
The investigation began in December 2021. Xiaomi stated that it is cooperating with the authorities and providing all the necessary information.
On April 12, the former head of Xiaomi in India, Manu Kumar Jain, was summoned for questioning. Now he heads the Xiaomi division in the UAE.
The agency also asked the company for details on overseas funding and key Xiaomi executives in India. [Reuters]
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Xiaomi allegedly provided banks with false information to transfer money abroad.
Ilya Sidorov
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News editor and author of articles on iPhones.ru.
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