Vivo India, Related Companies Raided by Enforcement Directorate in Money Laundering Investigation

The Enforcement Directorate (ED) on Tuesday carried out searches at 40 areas in Uttar Pradesh, Madhya Pradesh, and a few southern states in reference to a case linked to a Chinese language agency.
A number of ED groups have been conducting simultaneous raids since morning, stated sources, including the case is already being investigated by the Central Bureau of Investigation (CBI).

IT division, in addition to the Ministry of Company Affairs, are additionally protecting a detailed eye on the Chinese language manufacturing corporations. The ED raid is an extension of the probe in opposition to Chinese language corporations.

The ED carried out these searches with respect to violations of the Prevention of Cash Laundering Act (PMLA).

Sources stated that native models of Vivo are below the radar for alleged monetary improprieties as a part of an investigation into different China-based corporations.

Ministry of Company Affairs is be taught to have a particular deal with potential violations together with fraud.

Within the case of Vivo, an inquiry was sought in April this yr to detect if there have been “important irregularities in possession and monetary reporting”.

The ED has additionally been investigating the Chinese language smartphone big Xiaomi since February. On April 30, the company stated the smartphone maker had illegally transferred funds overseas to 3 entities, together with one from a Xiaomi group entity, “within the guise of royalty” funds.

It seized $725 million (roughly Rs. 5,624 crore) from the native financial institution accounts of Xiaomi, although an Indian courtroom has put that call on maintain following a authorized problem by Xiaomi.

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