'Forex violations': China's Xiaomi in the dock, ₹5,551 crore seized

Rs. 5,551CR belonging to Xiaomi Technology India Pvt Ltd seized by E.D. under the Foreign Exchange Management Act. The cash was in accounts belonging to Xiaomi; seized in connection with 'illegal outward remittances' in Feb. Xiaomi accused of providing 'misleading information' to banks while remitting the cash abroad.