India seizes $725 million from Chinese company Xiaomi

NEW DELHI (AP) — Indian authorities have seized $725 million from Chinese smartphone company Xiaomi, accusing it of breaking the country’s foreign exchange laws by making illegal remittances abroad. India’s financial investigation agency tweeted that it had seized the amount from Xiaomi’s local unit. The move comes after an investigation was launched in February over concerns of illegal remittances. The company denied it broke the law. Two years ago, India banned over 100 Chinese-owned apps as tensions between the countries soared over border clashes. India and China have withdrawn troops from some sites along the disputed border, but they still maintain a presence.