Xiaomi's Rs 5,551 Crore Assets Seized Over Forex Violations: Probe Agency
Central probe agency Enforcement Directorate (ED) today seized over Rs 5,500 crore from Chinese smartphone giant Xiaomi over violations of the Indian foreign exchange law. The action has been taken against Xiaomi Technology India Private Limited. The company (also called Xiaomi India) is a trader and distributor of mobile phones in the country under the brand name MI.
