Xiaomi responded that 4.8 billion yuan was confiscated by India: the company insists on legal and compliant operations

On June 14th, Tech Planet reported that according to Daily Economic News, the Indian Law Enforcement Agency (ED) has issued a document stating that it has officially issued a notice to Xiaomi India, relevant executives of the company, and three banks, stating its illegal remittance of 55.51 billion rupees (approximately 4

On June 14th, Tech Planet reported that according to Daily Economic News, the Indian Law Enforcement Agency (ED) has issued a document stating that it has officially issued a notice to Xiaomi India, relevant executives of the company, and three banks, stating its illegal remittance of 55.51 billion rupees (approximately 4.8 billion yuan). Regarding this, Xiaomi related personnel told the Daily Economic News that their response to this matter is consistent with the previous one: "Xiaomi adheres to legal and compliant operations globally and complies with relevant laws and regulations of its business location.

It is worth mentioning that in the first quarter of last year, Xiaomi was the sales champion in the Indian smartphone market, but in the first quarter of this year, it has dropped to third place,

Previously, Xiaomi released its first quarter financial report for 2023, which showed that the company's total revenue in the first quarter reached 59.5 billion yuan, a decrease of 18.9% compared to the same period in 2022; The adjusted net profit was 3.233 billion yuan, an increase of 13.1% compared to the same period in 2022. This includes 1.1 billion yuan in innovative business expenses such as intelligent electric vehicles.

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