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The ED seizes ₹5,551 crore from Xiaomi’s bank accounts in China

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The ED seizes ₹5,551 crore from Xiaomi’s bank accounts in China

On Saturday, the Enforcement Directorate announced that it had seized $5,551.27 crore from Xiaomi Technology India Pvt Ltd, a ‘wholly-owned subsidiary of the China-based Xiaomi group’, under the Foreign Exchange Management Act of 1999. The money was seized in February in connection with alleged ‘illegal outward remittances’ in bank accounts belonging to the Chinese smartphone giant, according to the investigation agency.
“Xiaomi India is a wholly-owned subsidiary of the Xiaomi Group, based in China. The Enforcement Directorate seized the money from the company’s bank accounts, totaling Rs 5,551.27 crore “In a statement, the agency said.

“Under the guise of royalty, the company has remitted foreign currency equivalent to 5,551.27 crore to three foreign based entities, one of which is a Xiaomi group entity,” the ED said. According to the ED, such large sums in the name of royalties were remitted on the orders of Chinese “parent group” entities.

According to the ED, Xiaomi India receives fully assembled mobile phones and other products from Indian manufacturers, but has not received any services from the three foreign-based entities to whom the funds were transferred.

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“Under the cover of various unrelated documentary façades created amongst the group entities, the company remitted this amount in the guise of royalty abroad, which is a violation of section 4 of the FEMA,” according to the agency.

Xiamoi has also been accused of giving banks “misleading information” when remitting money overseas.

It had summoned former India managing director Manu Kumar Jain for questioning. Reuters reached out to Jain and the agency for comment, but neither responded.

According to Reuters, Xiaomi complies with all Indian laws and is “fully compliant with all regulations.” “We’re working with authorities on their ongoing investigation to make sure they have all of the information they need.”

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The ED is investigating existing business structures between Xiaomi India, contract manufacturers, and the parent entity in China, according to a Reuters report.

According to Reuters, fund flows between Xiaomi India and its parent company are being scrutinised, including royalty payments.

Xiaomi was India’s top smartphone seller in 2021, with a 24% market share.

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$92.8 million

Akshay Kumar wishes director Priyadarshan on birthday with Bhooth Bangla BTS pic: ‘Surrounded by ghosts…

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Akshay Kumar wishes director Priyadarshan on birthday with Bhooth Bangla BTS pic: ‘Surrounded by ghosts…

Akshay Kumar and Priyadarshan, the acclaimed Indian director, celebrated their 68th birthday on Instagram. Kumar, who has worked with Priyadarshan on several cult comedies of the early 2000s, wished him a happy birthday and called him a mentor. The duo is now back together for their upcoming horror-comedy, Bhooth Bangla.

The first poster of the movie has been released, and it is expected to hit theaters in 2025. Akshay Kumar wore a black fedora and a green jacket, layered over a black tee, and fans have expressed their excitement for their new movie.

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The duo’s dynamic and deep bonding have been praised by fans, who have expressed high anticipation for their new movie. The first poster of Bhooth Bangla has already been released, and the movie is expected to hit theaters in 2025.

Akshay Kumar, the versatile Bollywood actor, recently celebrated director Priyadarshan’s birthday by sharing a behind-the-scenes (BTS) photograph from their upcoming film, “Bhooth Bangla.” In the image, Akshay humorously captioned, “Surrounded by ghosts…” The photo features Akshay alongside Priyadarshan and co-actor Paresh Rawal, all dressed in traditional attire, with a black cat perched on Akshay’s shoulder, adding a whimsical touch to the scene.

Reunion After 14 Years

This collaboration marks a significant reunion between Akshay Kumar and Priyadarshan, who last worked together on the film “Bhool Bhulaiyaa” in 2007. Their partnership has been celebrated in the past for delivering successful comedies like “Hera Pheri” and “Garam Masala.” Fans have eagerly anticipated their return to the big screen together, and “Bhooth Bangla” promises to be a delightful addition to their repertoire.

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About ‘Bhooth Bangla’

“Bhooth Bangla” is a horror-comedy that blends elements of suspense with humor, a genre in which both Akshay Kumar and Priyadarshan have excelled. The film is produced by Balaji Telefilms Ltd in association with Cape of Good Films. The motion poster released earlier this year features Akshay Kumar in a suit, with a cat on his shoulder, licking milk slyly, setting the tone for the film’s intriguing and humorous premise.

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Anticipation and Fan Reactions

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The BTS photo shared by Akshay Kumar has generated excitement among fans, who are eager to see the trio back together on screen. The playful caption and the presence of the black cat suggest that “Bhooth Bangla” will offer a mix of thrills and laughs, staying true to the successful formula of their previous collaborations.

As the release date for “Bhooth Bangla be a significant highlight in the upcoming entertainment lineup. The reunion of Akshay Kumar, Priyadarshan, and Paresh Rawal, combined with the intriguing premise and the playful BTS moments, has set high expectations among audiences. Fans can look forward to a cinematic experience that promises both chills and chuckles.

For a visual glimpse into the making of “Bhooth Bangla,” you can watch the following video Akshay Kumar expressed his gratitude as they once again united for their upcoming movie Bhooth Bangla. This marks a new chapter in their long-standing collaboration since the 2000s. He shared a picture from behind the scenes of their new movie, where it seems like they are laughing about something.

Akshay wrote,”Happy Birthday, Priyan Sir! What better way to celebrate than by spending the day on a haunted set, surrounded by ghosts…both real and unpaid extras? Thank you for being a mentor, and the only person who can make chaos look like a masterpiece. May your day be filled with fewer retakes. Wishing you a fantastic year ahead!”

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