Enforcement has frozen Rs 5,551 crore from Siomi in an illegal money transfer case.
Enforcement has confiscated millions of dollars from the popular mobile company “Siomi”. The Enforcement Department has taken action against the company which has been charged in an illegal money transfer case. Enforcement has seized Rs 5,551.27 crore in bank accounts of Siomi Technology India Pvt Ltd under the provisions of the Foreign Exchange Management Act, 1999.
ED has seized Rs.5551.27 Crore of M/s Xiaomi Technology India Private Limited lying in the bank accounts under the provisions of Foreign Exchange Management Act, 1999 in connection with the illegal outward remittances made by the company.
– ED (@dir_ed) April 30, 2022
In February this year, the Enforcement Department launched an investigation into alleged money laundering by Xiaomi-owned subsidiary M / s Xiaomi Technology India Pvt. Siomi, which started operations in India in 2014, has been sending money since 2015. Enforcement said that Xiaomi had sent about Rs 5,551.27 crore worth of Indian currency to three foreign companies and that the Xiaomi Group had sent the money in the form of royalties.
“Such large sums of money were sent in the name of royalty on the instructions of their Chinese companies. The remittances to the other two companies, two unrelated US-based companies, were also sent for the benefit of the Xiaomi Group companies. It is illegal to send revenue from India abroad in the name of royalty. ”