Xiaomi’s 48 billion RMB confiscated by Indian law enforcement? Relevant parties have responded

Indian law enforcement confiscated 48 billion RMB from Xiaomi Relevant parties have responded

【PhoneAuto News】Recently, PhoneAuto noticed that regarding the official confiscation of 4.8 billion yuan by the Indian law enforcement agency against Xiaomi, Xiaomi officials responded in the same way as before: “Xiaomi adheres to legal and compliant operations globally and complies with relevant laws and regulations in its places of operation.”

According to relevant media reports, the Indian agency responsible for combating financial crimes has issued a formal notice to Chinese smartphone manufacturer Xiaomi Technology’s subsidiary in India, the company’s executives, and three banks (Deutsche Bank, HSBC, and Citibank) on the 11th of this month, accusing them of illegally transferring funds overseas and allegedly violating the “Foreign Exchange Management Act.” The Indian agency said that the reason why the three banks received the notice was that they were suspected of allowing overseas remittances to be used as patent fee payments without conducting due diligence and obtaining necessary documents. Previously, the Indian Central Enforcement Bureau froze 55.51 billion Indian rupees (approximately 4.8 billion yuan) from Xiaomi’s bank account, and this notice may mean that the frozen funds will be officially confiscated.

According to IDC’s quarterly global smartphone tracking report, India’s smartphone market shipped 144 million units by the end of 2022, a year-on-year decrease of 10%, the lowest in recent years. In the fourth quarter of 2022 alone, India’s smartphone shipments fell to 30 million units, a year-on-year decrease of 27%. Currently, Xiaomi is still the largest smartphone manufacturer in the Indian market, occupying 21% of the market share in 2022, ahead of Samsung’s 18.1% and vivo’s 15.9%, but Xiaomi’s share has declined by 25% year-on-year.

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