The Enforcement Directorate (ED) said Xiaomi had confiscated about Rs 5,551 crore from Technology India Private Limited. The agency also alleged that Xiaomi had violated the Foreign Exchange Management Act of 1991. The Chinese smartphone manufacturer Xiaomi is an integral part of the company.
ED captures more than Rs 5000 crore worth of Xiaomi
The ED launched an investigation into illegal remittances filed by the company in February. As to the Enforcement Directorate, Xiaomi started its operations in India in 2014. The company began sending money to India illegally in the year 2015.
The ED claimed that Xiaomi had sent foreign currency worth Rs 5,551.26 crore to three companies. One of which is owned by Xiaomi Group. It is also claimed that they operate in India under an assumed name. The ED also claimed that the huge amount was being sent in the name of the royalty at the behest of the Earth China Group.
Officials said the same amount of money was sent to two other unrelated entities in the United States to a company owned by the Xiaomi Group.
Xiaomi is India’s MI brand mobile murder concern. Traders and distributors. Xiaomi India collects fully manufactured portable sets and other items from Indian producers. The Enforcement Directorate alleges that Xiaomi India was not receiving any assistance from three foreign companies to that Xiaomi transferred the money.
In the disguise of various incoherent document façades that were created by the group Xiaomi, the company was able to smuggle money to other countries under the guise of royalties. It provided data to authorities at the FEMA. ED officials also claim that Xiaomi sent the money at the behest of China’s main group.
This is not the first time. Earlier, the central government had taken several steps against the Chinese company. Multiple Chinese apps have been canceled. The central government has announced that it will ban 59 Chinese apps overnight to protect its citizens from growing tensions with China.
In this situation, many people have expressed concern about Papaji and WhatsApp. They need to know that a man named Braden Green is from Ireland. He made pubs. And WhatsApp is owned by Mark Zuckerberg’s Facebook, and China has no connection with these two applications.