Why ED Seized ₹ 5,551 Crore From Xiaomi India

New Delhi: Enforcement Directorate (ED) has taken major action against Xiaomi Technology India. Taking action, the ED has attached Xiaomi’s assets worth Rs 5,551.27 crore. The investigating agency has taken this action after months of investigation. The ED has seized the money from four bank accounts of the company under the Foreign Exchange Management Act, 1999.

ED has seized Rs.5551.27 Crore of M/s Xiaomi Technology India Private Limited lying in the bank accounts under the provisions of Foreign Exchange Management Act, 1999 in connection with the illegal outward remittances made by the company.

ED Quoted on Twitter
ED official Tweet

It is alleged that Xiaomi has transferred money illegally. The investigating agency said that Xiaomi had entered India in 2014. Since then the company has transferred Rs 5,551.3 crore to three bank accounts. One of these bank accounts belonged to Xiaomi Group itself. The money was transferred on the behest of the parent company based in China. In the past, the ED had also called Manu Kumar Jain, the former head of Xiaomi, for questioning.

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