India’s anti-money laundering agency said on Saturday it has seized assets worth about $725 million from Xiaomi India for breaching the country’s foreign exchange laws in a major blow to the Chinese phone maker that commands the Indian smartphone market.
The Indian Enforcement Directorate said it had seized bank accounts of Xiaomi India after finding that the company had remitted $725 million to three foreign-based entities “in the guise of royalty” payments.
“Such huge amounts in the name of royalties were remitted on the instructions of their Chinese parent group entities,” it said. The amount remitted to “other two US-based unrelated entities” were also for the “ultimate be …
