A statement issued in this regard said that the ED has taken this action under the Foreign Exchange Management Act, 1999 in the 'fraudulent' committed by the company.
Xiaomi ED Action: The Enforcement Directorate (ED) is tightening the noose on the Chinese smartphone maker Xiaomi . Taking major action in this case on Saturday, ED seized Rs 5551.27 crore of Xiaomi India Pvt Ltd (Xiaomi India Pvt ltd) deposited in bank accounts. In a statement issued in this regard, it was said that the ED has taken this action under the Foreign Exchange Management Act (FEMA), 1999 in the 'fraud' committed by the company.
Action against Xiaomi India
According to the report of news agency PTI, action has been taken against Xiaomi Technology India Private Limited. The company is also known as Xiaomi India. This company is known as MI brand name mobile phone distributor in the country.
Seizure under FEMA after investigation
According to an official statement, in February, the central agency had started an investigation against the company in connection with the alleged illegal remittances of foreign funds by the Chinese company. After the preliminary assessment of the investigation, the company's money has been seized under the relevant sections of the Foreign Exchange Management Act (FEMA).
Category: Business
