Indian authorities seized $ 725 million (~ RM3.2 billion) from Xiaomi for allegedly violating the country's foreign exchange laws by making illegal remittances abroad.
India's financial investigation agency said the seizure was part of an investigation into the money laundering that Xiaomi may have carried out. Xiaomi had previously denied that they violated Indian law. Instead the payment made is for the payment of royalties to a legitimate intellectual price holder. The Company is committed to providing cooperation to the authorities to resolve any misunderstandings.
In the last quarter, Xiaomi was the company with the largest market share in India around 23% ahead of their nearest rival Samsung which holds 20%.
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