The ED has once again given a big blow. In fact, ED has seized 5,551.27 crores of Xiaomi Technology India Pvt Ltd, the Indian unit of the Chinese company, under the provisions of the Foreign Exchange Management Act. As per the information received, till now the ED was investigating against Xiaomi and its executives under the provisions of the Foreign Exchange Management Act for foreign exchange transactions worth crores of rupees. The same has now seized 5,551.27 crores. Before this, Bollywood actress Jacqueline Fernandez's property worth more than 7 crores was also seized by the ED.

Manu Jain, the global VP and former India chief of Chinese mobile maker Xiaomi, had appeared before the ED on April 13 in connection with the FEMA case and was asked questions by the ED on his business in India and violation of the Foreign Exchange Management Act in foreign transactions in the last few years. Not only this, the ED had summoned Manu Jain to hand over the financial documents of the company either by himself or through a representative to the Bengaluru office. Jain was asked by the ED for details of Xiaomi's shareholders, source of funds, vendor contracts and payments made to the Indian management and money sent abroad.

The company's spokesman said, "In Xiaomi, the laws are followed and there is a responsible company. In December last year, many other Chinese mobile companies, including Xiaomi, were raided by the income tax in the tax evasion case, however, for the last several quarters, Xiaomi has been a leader in the Indian smartphone market.''

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