ED arrests 4 Vivo executives in money laundering case | India News

NEW DELHI:The Enforcement Directorate (ED) on Tuesday arrested four people in connection with a money laundering probe against Chinese smartphone-maker Vivo.
Lava International mobile company MD, a Chinese national, a Chartered Accountant and another person were taken into custody under the provisions of the Prevention of Money Laundering Act (PMLA). They are expected to be produced before a court where the ED will seek their custody.
The probe agency had raided the company in July last year, claiming to have busted a major money laundering racket involving Chinese nationals and multiple Indian companies.
The ED had then alleged that Rs 62,476 crore was “illegally transferred by Vivo to China in order to avoid payment of taxes in India”.
In 2022, the ED blocked 119 bank accounts linked to Vivo’s India business, but a court later revoked the move.
– With inputs from agencies

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