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ED raid targets multiple Chinese mobile phone companies; Report

The Enforcement Directorate (ED) is conducting searches at a number of locations around the country that are tied to Chinese mobile phone businesses, both directly and indirectly. More than 30 different areas have been investigated. The ED is looking into Vivo and its associated entities.

Previously, the Enforcement Directorate has taken Xiaomi’s assets under FEMA. That ruling had been stayed by the Karnataka High Court. Under the terms of the Foreign Exchange Management Act (FEMA), 1999, the ED seized Rs 5,551.27 crore from smartphone giant Xiaomi India. Xiaomi India is a completely owned subsidiary of the Xiaomi group located in China.

The ED launched an inquiry into Xiaomi’s unlawful remittances in February of this year. Chinese mobile phone providers have been scrutinized by IT and the ED. According to the Enforcement Directorate, Xiaomi began operations in India in 2014 and began remitting funds in 2015.


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