MUMBAI, May 12 (Reuters) – India’s financial crime fighting agency asked a court on Thursday to re-instate a freeze of $725 million in the Indian bank accounts of Xiaomi Corp (1810.HK) 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. read more
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Reporting by Abhirup Roy and Aditya Kalra; Editing by Clarence Fernandez
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