India seizes US$725 million from Chinese company Xiaomi

Indian authorities on Saturday seized $725 million from Chinese smartphone company Xiaomi, accusing it of breaking the country's foreign exchange laws by making illegal remittances abroad, officials said.

The agency said the smartphone maker had transferred $725 million to "three foreign based entities" under the guise of royalty payments, according to a statement quoted by the Press Trust of India. Earlier this month, the agency had also questioned Xiaomi's global vice president, Manu Kumar Jain, at the company's regional office in the southern city of Bengaluru, PTI reported.

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