India’s financial crime agency on Tuesday arrested four industry executives including one Chinese national working for smartphone maker Vivo in India in a case of alleged money laundering, according to legal papers and lawyers working on the case. The arrest adds to the legal troubles of the Chinese phone maker…
Xiaomi India CFO Sameer Rao, former MD Manu Jain and three banks are said to have received show-cause notice from the Enforcement Directorate (ED). According to an official, the ED has served show-cause notice for FEMA violation of over Rs. 5,551 crore. The Enforcement Directorate (ED) on Friday confirmed in…
Karnataka High Court has rejected China-based Xiaomi’s petition challenging the seizure of $676.35 million (roughly Rs. 5,500 crore) by the Enforcement Directorate, news website Live Law reported on Friday. India’s federal financial crime agency froze Xiaomi’s assets last year, alleging the company had made illegal remittances to foreign entities by…
The Delhi High Court has asked Chinese smartphone maker Vivo to approach the PMLA Appellate Tribunal in relation to the freezing of its bank accounts pursuant to a money laundering probe by the Enforcement Directorate. Justice Prathiba M Singh asked Vivo, which has already filed an appeal before the tribunal,…
Payments solution provider Razorpay, which was raided by the Enforcement Directorate recently, in a statement said that it has cooperated with the agency and its funds have not been frozen. “This recent visit by the ED is part of the ongoing investigation against a few suspicious entities who conducted illegal…
Xiaomi on Friday dismissed speculation that the company might move its operations from India to Pakistan. The company responded to a tweet from a portal on Twitter that claimed the Chinese smartphone manufacturer might shift operations after its funds were frozed by authorities in India over alleged violation of the Foreign…
An Indian court on Thursday declined to lift a freeze on Xiaomi’s $676 million (nearly Rs. 5,500 crore) worth of assets, even as the Chinese smartphone group said this enforcement action had “effectively halted” its operations in its key Indian market. India’s federal financial crime agency, the Enforcement Directorate (ED),…
The Directorate of Enforcement (ED) on Monday said it has carried out a search operation and freezed account balance of Rs. 5.59 crore of Aamir Khan and its accomplices in a fraud involving mobile gaming application E-nuggets. The ED has taken the action under the provisions of the Prevention of…
The competent authority under the Foreign Exchange Management Act (FEMA) has approved an order of seizure of over Rs. 5,551 crore worth of deposits of Chinese mobile phone manufacturer Xiaomi, the highest amount frozen till date in India, the ED said on Friday. The Enforcement Directorate (ED) had issued the…
The Enforcement Directorate (ED) has reportedly conducted raids against Chinese-controlled loan apps and investment tokens and frozen funds worth Rs. 46.67 crore kept in payment gateways such as Easebuzz, Razorpay, Cashfree and Paytm. The federal agency is said to have frozen accounts under the anti-money laundering law. Searches were carried…
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