India seizes $725 million China’s Xiaomi over remittances

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 Enforcement Directorate, India’s financial investigation agency, tweeted that it had seized the amount from Xiaomi’s local unit. The move comes after an investigation was launched by the federal agency in February over concerns of illegal remittances, local media reported.