What Is the ED Case Against Xiaomi? Check Out More Details
Recently the ED case has gone viral on the internet, there are tons of users who are seeking more info related to this case. Do you know about this? If you do not know then you have found the right platforms to know the matter, we have brought every single detail related to the ED case against Xiaomi.
As far as we know the Enforcement Directorate has decided to seize the asset of Xiami which is worth more than 5,500 crores. It is a huge amount that is why many netizens are shocked after they come to know this news. We are eager to about the case against the Indian subsidiary of the Chinese smartphone maker. Let’s get to the bottom of this and what is the reaction of the company we will explore everything.
What Is the ED Case Against Xiaomi
This incident occurred last week when assets worth 5,500 crores were seized from the Xiami Technology India Private Limited. The reason behind this was the alleged violation of the foreign exchange regulation. The question was raised to the company’s global vice-president Manu Kumar Jain in the last year. As we know Xiaomi is one of the leading brands of the smartphone Mi, it is the largest seller of mobile phones in India.
So far there is not much info related to this case yet, neither we have found any official source which expresses morel. Although this news has been converted by lots of news websites. Officially this case was declared on Saturday. It is seized under the section relevant to the foreign exchange management act (FEMA). After a probe was launched by the federal agency against the company in the connection with alleged or we can say illegal remittances, it was sent by the Chinese firm in the month of Feb.
As per the exclusive report, the company has remitted foreign currency equivalent to Rs 5,551 crore to the three foreign-based entries. Xiaomi was also one of them in the guise of royalty as said by ED. If you want to get more latest updates then do visit this site we will be right back with more info, till then stay tuned with us and bookmark this site for more viral news across the world.