A court in Karnataka has rejected China-based Xiaomi Corp's petition challenging the seizure of 55.51 billion rupees ($676.35 million) by the Enforcement Directorate, news website Live Law reported today.
The country's financial crime agency froze Xiaomi's assets last year, alleging the company had made illegal remittances to foreign entities by passing them off as royalty payments. The company denies any wrongdoing.
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