ED seizes assets worth Rs 5,551 cr, Xiaomi says it follows Indian laws

The technology giant is being questioned by the federal agency for alleged violation of foreign exchange laws.

The Enforcement Directorate Saturday "seized" over Rs 5,551-crore worth fund of Chinese mobile manufacturing company Xiaomi for violating the Indian foreign exchange law, officials said.

In a press release after the ED's statement, Xiaomi Technology India Private Limited said its operations in the country are "firmly compliant with local laws and regulations".

The company (also called Xiaomi India) is a trader and distributor of mobile phones in the country under the brand name MI. "Xiaomi India is a wholly-owned subsidiary of the China-based Xiaomi group. This amount of Rs 5,551.27 crore lying in the bank accounts of the company has