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HomeBank NewsIndia Court Dismisses ByteDance's Plea to Unblock Bank Accounts | Investing News

India Court Dismisses ByteDance’s Plea to Unblock Bank Accounts | Investing News

MUMBAI (Reuters) – An Indian court on Tuesday dealt a blow to China’s ByteDance by dismissing its plea to unblock its bank accounts which have been frozen by federal authorities investigating alleged tax evasion.

An Indian tax intelligence agency in mid-March ordered HSBC and Citibank in Mumbai to freeze accounts of ByteDance India as it probed some of the firm’s financial dealings. ByteDance challenged the move in court saying the freeze amounts to harassment and was done illegally.

After a government counsel said ByteDance owed the authorities about 790 million rupees ($11 million), the High Court in Mumbai said the company will need to keep that amount blocked in a state-run bank.

That “account will be frozen”, the two-judge bench said.

(Reporting by Abhirup Roy in Mumbai; Writing by Aditya Kalra; Editing by Sanjeev Miglani)

Copyright 2021 Thomson Reuters.

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