May 13, 2022 08:15 PM

Tech Insider: Xiaomi Cleared to Tap India Funds, Nio to Start Singapore Trading

A Nio store in Shanghai, on Dec. 27, 2021. Photo: IC Photo
A Nio store in Shanghai, on Dec. 27, 2021. Photo: IC Photo

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

Xiaomi’s India unit cleared for operating funds until May 23

A court in India on Thursday issued an order allowing Xiaomi Corp.’s Indian subsidiary to make certain payments through its local bank accounts until May 23.

The Directorate of Enforcement, a money laundering watchdog under India’s Ministry of Finance, seized $725 million from Xiaomi’s bank accounts in India, citing investigation of allegedly illegal money transfers. 

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