ED Seizes Rs 5551 Crores From XIAOMI's India's Bank Account.

The Enforcement Directorate seized Rs 5,551.27 crore from Xiaomi India's bank accounts

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The funds were seized under applicable parts of the Foreign Exchange Management Act after they federal agency concluded an investigation into the company in February.

The ED has discovered that this company has sent Rs 5,551.7385 crores to three organizations in foreign countries, one of which is an organization from the Xiaomi group.

The ED charged the corporation with giving banks misleading information when remitting money abroad.

Manu Kumar Jain, the vice president for worldwide affairs for the group, was also questioned by the ED earlier this month in their regional headquarters in Bengaluru, Karnataka.

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The Enforcement Directorate seized Rs 5,551.27 crore from Xiaomi India's bank accounts

The funds were seized under applicable parts of the Foreign Exchange Management Act after they federal agency concluded an investigation into the company in February.

The ED charged the corporation with giving banks misleading information when remitting money abroad.

Manu Kumar Jain, the vice president for worldwide affairs for the group, was also questioned by the ED earlier this month in their regional headquarters in Bengaluru, Karnataka.

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