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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.<\/p>\n<\/div>\n
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”.<\/p>\n
The agency said that Xiaomi India, acting on the instructions of its parent company, \u201chad sent foreign currency equivalent to [55.5 miliard\u00eb rupi, 726 milion\u00eb dollar\u00eb] for three entities based abroad \u201d.<\/p>\n
Xiaomi started its operations in India in 2014 and started sending money a year later, the agency added.<\/p>\n
Thus, the Indian authorities have now seized an equivalent amount of funds “found in the company’s bank accounts”.<\/p>\n
Xiaomi India, which distributes Mi-brand smartphones, said in a statement that “all our operations are in full compliance with local laws and regulations.”<\/p>\n
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.”<\/p>\n
India has become fierce with Chinese companies since border tensions escalated among the world\u2019s most populous countries two years ago.<\/p>\n
In 2020, India banned more than 200 applications – many of which were Chinese, including the video platform TikTok.<\/p>\n
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