May 03, 2022 08:18 PM

TECH INSIDER

Tech Insider: India Seizes $725 Million of Xiaomi Assets, Alibaba Shares Plunge on Mistaken Identity

Customers look at Xiaomi smartphones at a store in Gurgaon, India, on Aug. 20, 2019. Photo: VCG

Customers look at Xiaomi smartphones at a store in Gurgaon, India, on Aug. 20, 2019. Photo: VCG

Welcome to Caixin’s Tech Insider, your twice-weekly wrap on the movers, shakers and deal-makers in China’s tech scene.

India seizes $725 million of Xiaomi assets

India’s anti-money laundering agency, the Directorate of Enforcement, said on Friday that it had sized 55.51 billion rupees ($725 million) from the Indian subsidiary of Chinese smartphone giant Xiaomi Corp. for breaching the country’s Foreign Exchange Management Act.

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