India seizes £577m from Chinese company Xiaomi

Guests gather to check out Xiaomi’s products at an event in Bangalore, India, in 2019. Indian authorities have accused the Chinese smartphone company pf breaking the country’s foreign exchange laws (Aijaz Rahi/AP)

Indian authorities have seized £577 million from Chinese smartphone company Xiaomi, accusing it of breaking the country’s foreign exchange laws by making illegal remittances abroad.

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 in February over concerns of illegal remittances.