Freeze On Xiaomi India's Rs 5,551 Crore Assets By Probe Agency Extended

The ED froze Xiaomi's accounts on April 29 alleging that it has violated the Foreign Exchange Management Act (FEMA) by illegally transferring money abroad to three companies.

The Karnataka High Court on Monday extended the stay on the Enforcement Directorate's (ED) order of freezing Rs 5,551 crore in the bank accounts of Xiaomi India.

Justice S G Pandit extended the stay till June 1, with the hearing of the case posted to that day.

The ED froze Xiaomi's accounts on April 29 alleging that it has violated the Foreign Exchange Management Act (FEMA) by illegally transferring money abroad to three companies under the guise of royalty payments.

In an interim order on May 5, a vacation bench of the High Court stayed this order.