The ministries of Home Affairs and Corporate Affairs, as well as the IT department, have been largely unaware of Chinese mobile producers.
According to CNBC-TV18, the Enforcement Directorate (ED) searched more than 40 facilities of Chinese cellphone businesses today. In order to investigate potential violations of the Prevention of Money Laundering Act, the ED conducted searches (PMLA).
The ministries of Home Affairs and Corporate Affairs, as well as the IT department, have been largely unaware of Chinese mobile producers.
Following news that the ED was conducting searches at more than 40 locations of Chinese mobile companies, shares of Dixon Tech fell by 2%.
On April 30, the ED announced that it had confiscated Rs 5,551.27 billion from Xiaomi India, the local subsidiary of the Chinese technology behemoth, in relation to “illegal external transfers made by the business.”
The federal investigation agency stated in a statement that the seizure was made from the company’s bank accounts in accordance with the Foreign Exchange Management Act’s (FEMA) regulations.
The ED said that “the company has sent foreign currency equivalent to Rs 5551.27 crore to three overseas based organisations, including one Xiaomi group entity under the guise of royalty,” and that the inquiry into the alleged unlawful remittances was started in February of this year.
