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Enforcement Directorate asks court docket to revive block on Xiaomi financial institution property

Enforcement Directorate asks court docket to revive block on Xiaomi financial institution property

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MUMBAI: Enforcement Directorate (ED) requested a court docket on Thursday to re-instate a freeze of $725 million within the Indian financial institution accounts of Xiaomi Corp because it investigates fund transfers by the Chinese language smartphone big.
The enforcement directorate had seized the cash saying Xiaomi had illegally transferred funds overseas to a few entities, together with one within the Xiaomi group, describing them as funds “within the guise of royalty”.
However a court docket put that call on maintain after Xiaomi challenged it.

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