India's financial crime agency on Friday said notices had been issued to Xiaomi , Deutsche Bank , HSBC and Citigroup over alleged illegal remittances made by the Chinese smartphone giant to foreign entities.
An appellate authority at the Enforcement Directorate issued the so-called show cause notices under India's foreign exchange laws for alleged illegal remittances of 55.51 billion rupees . The funds haveShow cause notices are typically issued to a company to ask it why the federal agency should not proceed to take action against it for wrongdoing.India alleges Xiaomi's local unit made illegal remittances to foreign entities by passing them off as royalty payments.
The notices were issued to Xiaomi and officials including the chief financial officer of its India unit, the ED said in a statement. The banks received notices because they allegedly allowed foreign remittances described as royalty payments without conducting due diligence and obtaining necessary documentation, the agency added.misled its banker DeutscheCourt documents show Xiaomi's frozen assets are spread across accounts at various banks including Deutsche, Citi and HSBC.
The Chinese company is one of India's leading smartphone players, having grown rapidly in recent years by offering budget smartphones. It competes with Samsung ElectronicsXiaomi last year told a court that the asset freeze was "severely disproportionate" and had effectively
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