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Xiaomi Funds Worth $478 Million Said to Be Frozen by ED During Alleged Tax Evasion Investigation

ED froze Xiaomi’s $478 million (roughly Rs. 3,699 crore) worth of deposits in local bank accounts as part of an investigation into alleged tax evasion, according to sources. The freeze by the income tax department was cited by Xiaomi in a May 4 court filing in southern Karnataka state.

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