Over 5,500 Crores Of Chinese Smartphone Giant Xiaomi Seized By ED

The Enforcement Directorate (ED) has seized Rs 5,551.27 crore of smartphone giant Xiaomi India under the provisions of Foreign Exchange Management Act (FEMA), 1999. Xiaomi India is a wholly owned subsidiary of the China-based Xiaomi group.

The ED had initiated an investigation in connection with the illegal remittances made by the company in February.