India asks court to restore block on Xiaomi bank assets

2022.05.12 09:56

FILE PHOTO: A man uses his mobile phone in front of a screen showing a logo of Xiaomi at the launch ceremony of the Mi Note in Beijing, Picture taken on January 15, 2015. REUTERS/Jason Lee

MUMBAI (Reuters) – India’s financial crime fighting agency asked a court on Thursday to re-instate a freeze of $725 million in the Indian bank accounts of Xiaomi (OTC:XIACF) Corp as it investigates fund transfers by the Chinese smartphone giant.

The enforcement directorate had seized the money saying Xiaomi had illegally transferred funds abroad to three entities, including one in the Xiaomi group, describing them as payments “in the guise of royalty”.

But a court put that decision on hold after Xiaomi challenged it.

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