2023-06-10 11:41:09
Neu-Delhi In India, Deutsche Bank has come under the scrutiny of the authorities for allegedly illegal financial transactions by the Chinese smartphone giant Xiaomi. The Financial Crimes Agency announced on Friday evening that Deutsche Bank, British HSBC and US money house Citigroup had been written to on suspicion of illegal transfers from Xiaomi to foreign companies totaling the equivalent of around $673.2 million.
As a rule, companies are asked to comment on such a cover letter. Xiaomi and the banks initially did not comment on this.
The authorities said that the banks had received the notices because they had allegedly allowed such transfers abroad without a corresponding examination and request for the necessary documents.
The funds were frozen last year. According to court documents, they are held in accounts in several banks. The authority accuses Xiaomi of illegal transfers to foreign companies that were disguised as royalties. The Chinese company has described the payments as legitimate.
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