Money laundering probe: ED conducts raids against Chinese smartphone giant Vivo, searches at 44 locations

Last month, the Chinese firm’s Jammu & Kashmir distributor Grand Prospect International Communication came under the scanner of enforcement agencies over forgery concerns

FP Staff|Jul 05, 2022, 19:50:06 IST

New Delhi: The Enforcement Directorate conducted raids at 44 places in a money laundering investigation against Chinese mobile manufacturing company Vivo and related firms.Raids took place in multiple states including Bihar, Jharkhand, Uttar Pradesh, Himachal Pradesh, Madhya Pradesh, Meghalaya, Punjab and Haryana, News18 reported.The searches were carried out under sections of the Prevention of Money Laundering Act (PMLA).In June, the Chinese firm’s Jammu & Kashmir distributor Grand Prospect International Communication came under the scanner of enforcement agencies over forgery concerns. This came after the corporate affairs ministry found that at least two Chinese shareholders submitted forged documents and bogus Indian addresses, The Economic Times reported.The ED suspects this alleged forgery was done to launder illegally generated funds using shell or paper companies and some of these “proceeds of crime” were diverted abroad or put in some other businesses by skirting Indian tax and enforcement agencies, PTI reported.Meanwhile, responding to the raid, Vivo on Tuesday said it was cooperating with authorities to provide them with all the required information."As a responsible corporate, we're committed to being fully compliant with laws," ANI quoted the firm as saying.Last year, the Income Tax department carried out searches at Vivo's offices over alleged tax invasion.This is not the first time a Chinese mobile manufacturing firm has come under ED scanner.On 29 April, the ED passed an order to seize Xiaomi India's funds worth over Rs 5,551 crore over the alleged violation of the Indian foreign exchange law (Foreign Exchange Management Act).The actions are being seen as part of the Centre's continued crackdown against Chinese entities and their linked Indian operatives indulging in serious financial crimes like money laundering and tax evasion while operating here.With inputs from agenciesRead all the Latest News, Trending News, Cricket News, Bollywood News,India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.

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