India Seizes $726 Million From Xiaomi Unit on Forex Breach
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India’s anti-money laundering agency said it seized 55.51 billion rupees ($726 million) from a local unit of Chinese mobile company Xiaomi Corp. for breaching the country’s foreign-exchange laws.
The money was seized from the bank accounts of Xiaomi Technology India under the provisions of the Foreign Exchange Management Act, the Enforcement Directorate said in a Twitter post on Saturday.