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India seized $725 million of Xiaomi assets over “illegal” remittances

Indian authorities seized $725 million from popular Chinese smartphone maker Xiaomi. The accusation is that Xiaomi’s sent illegal remittances abroad, breaking India’s foreign exchange laws. The financial investigation agency of India, The Enforcement Directorate, stated in a tweet that the agency had seized $725 million from the local unit of Xiaomi. This was after the […]