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India to re-instate a freeze on Xiaomi bank assets

India's financial crime fighting agency asked a court on Thursday to restore a block of $725 million in the Indian bank accounts of Xiaomi Corp as it investigates fund transfers by the Chinese smartphone giant.

India to re-instate a freeze on Xiaomi bank assets
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India to re-instate a freeze on Xiaomi bank assets

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India's financial crime fighting agency asked a court on Thursday to restore a block of $725 million in the Indian bank accounts of Xiaomi Corp as it investigates fund transfers by the Chinese smartphone giant.

The enforcement directorate had seized the money saying Xiaomi had illegally transferred funds abroad to three entities, including one in the Xiaomi group, describing them as payments in the guise of royalty". But a court put that decision on hold after Xiaomi challenged it.

Dwaipayan Bhattacharjee
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