The Enforcement Directorate (ED) is carrying out raids at multiple locations across the country linked directly and indirectly to Chinese mobile phone companies. More than 30 locations have been searched. The ED is searching Vivo and its related companies.
Earlier, the Enforcement Directorate had seized assets of Xiaomi under FEMA. Karnataka High Court had stayed that order. The ED had seized Rs 5,551.27 crore of smartphone giant Xiaomi India under the provisions of the Foreign Exchange Management Act (FEMA), 1999. Xiaomi India is a wholly-owned subsidiary of the China-based Xiaomi group.
The ED had initiated an investigation in connection with the illegal remittances made by Xiaomi in February this year.
Chinese mobile phone companies have been under the scanner of IT and the ED. According to the Enforcement Directorate, Xiaomi started its operations in India in 2014 and started remitting the money from 2015
Subscribe to India Today for NEW VIDEOS EVERY DAY and make sure to enable Push Notifications so you’ll never miss a new video.
All you need to do is PRESS THE BELL ICON next to the Subscribe button!
India Today TV is India’s leading English News Channel. India Today YouTube channel offers latest news videos on Politics, Business, Cricket, Bollywood, Lifestyle, Auto, Technology, Travel, Entertainment and a lot more.
Stay tuned for latest updates and in-depth analysis of news from India and around the world!
Download App: https://indiatoday.link/wHaj
Follow us: Official website: https://www.indiatoday.in/
Twitter: https://twitter.com/IndiaToday
Facebook: https://www.facebook.com/IndiaToday
source
