On June 9th, the Indian Law Enforcement Agency (ED) released a document stating that due to Xiaomi's alleged violation of the country's Foreign Exchange Management Act (FEMA) and illegal transfer of funds to foreign entities, the bureau has issued formal notices to three banks, including Xiaomi Technology India Private Limited, Xiaomi India Branch, some executives, and Citigroup.
Due to this accusation, the Indian authorities have previously seized a total of 55.51 billion rupees (approximately $680 million) of funds from Xiaomi, with a current value of nearly 5 billion yuan. According to the data, the adjusted net profit of Xiaomi in 2022 will be 8.5 billion yuan, which means that this fund is equivalent to 57% of the net profit of Xiaomi last year.
Regarding this matter, Observer Network sought confirmation from Xiaomi. As of this afternoon, the group has not responded yet.
