India seizes $725 million of Xiaomi assets over illegal remittances

[RealDude]

”žIndia said on Saturday it had seized $725 million from the local bank accounts of China's Xiaomi Corp (1810.HK) after a probe found the smartphone maker had made illegal remittances to foreign entities by passing them off as royalty payments.“

https://www.reuters.com/world/india...iaomi-funds-foreign-exchange-case-2022-04-30/

 

[troubled soul]

India is till wild west for foreign corporation. There are so many cases like these where small government officers to fulfill their ego harass the foreign company and Foreign company decide to leave.
It is not good sign for India growth story.