Xiaomi

Xiaomi has responded to the physical violence claims

Technology

Xiaomi has been under investigation by the ED for some time, and the business is presently being investigated for royalties. According to a previous allegation by Reuters, the ED threatened Xiaomi Corp’s top executives with physical harm and coercion throughout the interrogation procedure. According to the story, Reuters obtained the information from the court filing.

Xiaomi has issued an official statement in response to this story. “The contents of the writ petition are secret qua public at large,” the corporation claims in a news release. There appears to be a desire to create sensationalism without considering the consequences on the ED, the government of India, and the corporation. This case is now pending in a court of law. In a statement, a Xiaomi spokeswoman said, “We refuse to comment on this.”

The company has been under investigation since February 2022, and the ED confiscated $725 million from Xiaomi’s India bank accounts last week, alleging that the business made unlawful transactions overseas “under the pretence of royalty” payments.

Xiaomi has denied any wrongdoing and claims that its royalty payments were legal. A judge heard its attorneys earlier this week and put the ED’s order to freeze bank assets on hold.

This occurs at a time when Xiaomi has dominated the Indian smartphone market for several years in a row. The company has surpassed Samsung and the rest of the competitors in the Indian smartphone market, according to Counterpoint Research. The business recently conducted a launch event in India, where it unveiled the Xiaomi 12 Pro, a premium smartphone that competes with Apple and Samsung.

The company also unveiled its first OLED TV in India, as well as the Xiaomi Pad 5, which marks the company’s return to the tablet market. The OLED Vision TV is one of the most reasonably priced OLED TVs available in India.