India has seized assets worth approximately $725 million from Xiaomi India after the country’s anti-money laundering agency found the subsidiary had broken local foreign exchange laws. According to Reuters, India’s Enforcement Directorate announced Saturday it recently determined Xiaomi had made illegal remittances when it attempted to pass off some transfers as royalty payments.That money went to three foreign companies, including one under the wider Xiaomi banner. The Enforcement Directorate found Xiaomi designed the payments to benefit itself. "Such huge amounts in the name of royalties were remitted on the instructions of their Chinese parent group entities," the agency said. The Indian Enforcement Directorate began investigating the subsidiary, among a handful of other local Chinese firms, last December. It accused Xiaomi of providing “misleading information to the banks while remitting the money abroad.”pic.twitter.com/QPfHboEP8X— Xiaomi India (@XiaomiIndia) April 30,
