June 5, 2023

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India seizes $ 725 million from Xiaomi for ‘illegal money transfer’

Financial Criminal Investigation Agency India It has been confirmed that the Chinese company has seized $ 725 million from its Indian subsidiary Xiaomi, They allege that he transferred money illegally.

“Rs 55,510 crore (approximately $ 725 million) has been seized Xiaomi Technology India Pvt In various bank accounts under the provisions of the Foreign Exchange Management Act 1999, ”the Government of India said on Twitter.

According to the agency, the seizure was “in connection with the illegal sending of money abroad by the company”.

Money “disguised”

The company blames the Chinese telephone and technology maker for starting its operations India In 2014, it illegally sent millions of dollars to three companies abroad in disguise as copyright and royalty.

Despite this Indian xiaomi Not using the services of these companies, including one belonging to the group XiaomiDepending on the body.

The India States that these transfers were made under the instruction of the parent company Xiaomi.

The millionaire was confiscated after registering with tax department offices last December Xiaomi In a separate tax evasion case, as well as Chinese technology OppoAnother of the world’s largest smartphone vendors.

As tensions between New Delhi and Beijing escalate, surveillance of Chinese companies has increased. IndiaThat too It has banned more than 200 Chinese applications in the past two years.

In the Calvan Valley, west of Pangong Lake, relations between the two countries began to deteriorate after a worst border conflict in 45 years between the nuclear powers, in which at least 20 Indian soldiers were killed and 76 wounded.

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Both forces responded to the conflict by sending troops to the LAC. It has since eased military tensions in the area. New Delhi and Beijing sought to resolve the crisis through diplomatic channels. (EFE)

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