ED seizes ₹5,551 crore from Chinese phone maker Xiaomi’s bank accounts

New Delhi: The Enforcement Directorate on Saturday said it had seized ₹5,551.27 crore belonging to Xiaomi Technology India Pvt Ltd lying under provisions of the Foreign Exchange Management Act of 1999.

The probe agency said the money was in bank accounts belonging to the Chinese smartphone giant and had been seized in connection with illegal outward remittances.