Business / Finance

India agency sends notices to Deutsche, HSBC, Citi in Xiaomi royalty case

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2023-06-09 17:16:05  • 2 mins

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NEW DELHI :India's financial crime agency on Friday said notices had been issued to Xiaomi, Deutsche Bank, HSBC and Citigroup over alleged illegal remittances made by the Chinese smartphone giant to foreign entities.

An appellate authority at the Enforcement Directorate (ED) issued the so-called show cause notices under India's foreign exchange laws for alleged illegal remittances of 55.51 billion rupees ($673.2 million). The funds have been frozen by the agency since last year.

Show cause notices are typically issued to a company to ask it why the federal agency should not proceed to take action against it for wrongdoing.

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