Vivo executives may have fled India amid ED money laundering probe

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Chinese smartphone maker Vivo’s top executives, directors Zhengshen Ou and Zhang Jie, likely fled India on Wednesday after the Law Enforcement Directorate (ED) raided its offices as part of an investigation. a money laundering prevention case. Also Read – Vivo India offices raided by the Enforcement Branch under the Money Laundering Act

Sources say two of the Chinese directors of Solan, a Himachal Pradesh-based company, which was associated with Vivo, likely fled India as ED filed a money laundering prevention case, reports the IANS. Also Read – Vivo Y33T Launched in India at Rs 18,990 with Snapdragon 680 SoC: Check Details

Chinese nationals were appointed directors in Indian entities with false documents. The enforcement agency has so far received money laundering information worth Rs 10,000 crore in the raids, according to ED sources. More details will emerge later in the case, the sources added. Also Read – Vivo X60 series receives more than 200% pre-bookings compared to its predecessor, company reveals

The CBI also investigated the case and filed a separate First Information Report.

Recently, the Enforcement Directorate conducted raids on Vivo. The agency conducts searches at approximately 44 locations across the country and company facilities. A Vivo spokesperson confirmed the raids and said it was cooperating with authorities. The spokesperson said, “Vivo is cooperating with authorities to provide them with all required information. As a responsible company, we are committed to fully complying with the laws.

Other popular Chinese smartphone brands like Xiaomi and Oppo were also under the ED scanner. In fact, during the investigation, ED froze Xiaomi India accounts with more than Rs 5,500 crore. The court then allowed the Chinese brand to access funds for day-to-day operations.

The app’s management opened the investigation into Xiaomi earlier this year, in February. The ED claimed that the company was carrying out illegal fund transfers. Xiaomi India has been accused of remittances from the year 2015, just a year after entering the Indian market.

Xiaomi had denied any wrongdoing on its part. Xiaomi India claimed that its royalty payments and statements to the bank were legitimate. Their clarification states that these royalty payments made by Xiaomi India were for the licensed technologies and IP addresses used in the Indian version of their products.






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