ED Raids Multiple Locations Linked To Chinese Phone Company Vivo
The ED had seized Rs 5,551.27 crore of smartphone giant Xiaomi India under the provisions of the Foreign Exchange Management Act (FEMA), 1999. New Delhi: The Enforcement Directorate (ED) is carrying out raids at multiple locations across the country linked directly and indirectly to Chinese mobile companies. More than 30…
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The ED had seized Rs 5,551.27 crore of smartphone giant Xiaomi India under the provisions of the Foreign Exchange Management Act (FEMA), 1999.
New Delhi: The Enforcement Directorate (ED) is carrying out raids at multiple locations across the country linked directly and indirectly to Chinese mobile companies. More than 30 locations have been searched. The probe agency is searching Vivo and its related companies.
Earlier, the ED had raided Xiaomi under FEMA. Karnataka High Court had stayed that order.
The ED had seized Rs 5,551.27 crore of smartphone giant Xiaomi India under the provisions of the Foreign Exchange Management Act (FEMA), 1999.
Xiaomi India is a wholly-owned subsidiary of the China-based Xiaomi group.
The ED had initiated an investigation in connection with the illegal remittances made by Xiaomi in February this year.
Chinese mobile phone companies have been under the scanner of IT and the ED.
According to the probe agency, Xiaomi started its operations in India in 2014 and started remitting the money in 2015.
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