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India has seized more than $ 700 million from one of China’s largest technology companies after accusing it of smuggling money abroad.
In a statement, India’s main financial investigation agency accused the Indian branch of smartphone maker Xiaomi of violating foreign exchange laws by making “illegal remittances”.
The agency said that Xiaomi India, acting on the instructions of its parent company, “had sent foreign currency equivalent to [55.5 miliardë rupi, 726 milionë dollarë] for three entities based abroad ”.
Xiaomi started its operations in India in 2014 and started sending money a year later, the agency added.
Thus, the Indian authorities have now seized an equivalent amount of funds “found in the company’s bank accounts”.
Xiaomi India, which distributes Mi-brand smartphones, said in a statement that “all our operations are in full compliance with local laws and regulations.”
In a Twitter post on Saturday, the company said it believed the fee payments and statements it made to the bank were “all legal and true.”
India has become fierce with Chinese companies since border tensions escalated among the world’s most populous countries two years ago.
In 2020, India banned more than 200 applications – many of which were Chinese, including the video platform TikTok.
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