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Neha Nidhi
Chinese phone giant is under investigation in India for alleged money theft and other allegations. Xiaomi
stated on Sunday that it is “disappointed” that its bank deposits worth Rs. 5,551 crores have been frozen,
noting that all transactions were carried out “through RBI authorized and required financial channels.
The declaration was made a few days after the Foreign Exchange Management Act’s (FEMA) competent
authority authorized an order to seize the deposits, according to the Enforcement Directorate.
“We have seen the order from the Competent Authority and are disappointed with the result since none
of the factual and legal contentions presented by us have been addressed,” Xiaomi India stated in
response to the decision. According to the business, all of its royalty payments and bank statements are
authentic and accurate.
We also want to be clear that Xiaomi Technology India does not possess any assets outside of India. As a
result, in our opinion, Section 4 of the FEMA does not even apply here. The interests of the business, its
stakeholders, and their reputation will continue to be protected by all available methods. We are still
dedicated to collaborating with different authorities to find a solution.
