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Vivo: ED raids on renowned Chinese smartphone brand Vivo, action in 44 locations across the country, see details

New Delhi: ED Raids Vivo: Chinese smartphone brand Vivo has come under the scanner of the Directorate of Enforcement in India and the ED department has raided 44 Vivo locations. This is an investigation into money laundering. In it, Vivo is accused of sending large sums of money to China illegally, hiding it from the Indian government. The ED has raided about 44 Vivo offices and factories in connection with the money laundering probe. According to sources, the ED’s raids have hit Uttar Pradesh, Bihar and Madhya Pradesh as well as several parts of South India. The Enforcement Directorate has registered a money laundering case against Vivo and its subsidiaries.

Major action against Chinese company:

It is pertinent to note that the CBI is already investigating the matter and the simultaneous raids by the ED are emerging as a major operation against the Chinese company. According to the information received, raids are being carried out by the ED on the Vivo company’s premises and the Enforcement Directorate is examining the company’s documents. The ED has taken action in the money laundering case. Chinese phone maker Vivo has been the target of the Directorate of Enforcement and Income Tax for several days now and the GST department has already recovered about Rs 220 crore from Vivo’s bank account in Gurugram.

As for the latest raid, according to reports, the raid was based on some intelligence. Enforcement agencies suspect that the China-linked Vivo company has reduced its earnings report in India and falsified revenue and profit figures. Earlier, Xiaomi was also prosecuted for tax evasion. In which several of Xiaomi’s existing assets in India were confiscated.

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