'untrue, baseless': ed on allegation it coerced statements from xiaomi officials
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"ED has seized Rs 5551.27 Crore of M/s Xiaomi Technology India Private Limited lying in the bank accounts under the provisions of Foreign Exchange Management Act, 1999 in connection
with the illegal outward remittances made by the company," the ED said in a statement. It added, "The company has remitted foreign currency equivalent to Rs 5,551.27 crore to three
foreign-based entities which include one Xiaomi group entity, in the guise of royalty,"_ Business Standard _quoted. As per the mobile company, their move was based on instructions of
their Chinese "parent group" entities. The amount paid to other two US-based entities were also for the profit of Xiaomi group entities. However, the ED reportedly added that the
manufacturers have not availed any service from the three entities involved in the transaction.