India seizes $725 million from Xiaomi

India has seized assets worth approximately $725 million from Xiaomi India after the country's anti-money laundering agency found the subsidiary had broken local foreign exchange laws. According to Reuters , India's Enforcement Directorate announced Saturday it recently determined Xiaomi had made illegal remittances when it attempted to pass off some transfers as royalty payments. That money went to three foreign companies, including one under the wider Xiaomi banner. The Enforcement Directorate...