Mumbai, 30/4: The Enforcement Directorate (ED) has seized funds worth Rs 5551.27 crore owned by Chinese mobile manufacturing company Xiaomi India for violating the Indian foreign exchange law.
The action has been taken against Xiaomi Technology India Private Limited, which is a trader and distributor of mobile phones in the country under the brand name MI.
“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,” a statement said.
The global vice president of the group, Manu Kumar Jain, was questioned by the ED at the agency’s regional office in Bengaluru earlier this month.