NEW DELHI -- India seized $725 million from the local bank accounts of Xiaomi after a probe found the Chinese smartphone giant unlawfully sent money abroad in the guise of royalty payments, authorities said Saturday. India's financial crime investigations agency began investigating the company in February and said it seized the money from the firm's local arm after discovering it had made remittances to three foreign-based entities. "Such huge amounts in the name of royalties were remitted on the instructions of their Chinese parent group entities," the Enforcement Directorate said in a statement. Xiaomi did not immediately respond to an AFP request for comment. The firm'...
Keep on reading: India seizes $725M from China’s Xiaomi over ‘illegal’ remittances
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Keep on reading: India seizes $725M from China’s Xiaomi over ‘illegal’ remittances
from INQUIRER.net https://ift.tt/Y5FMlxI
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