ED Raids 40 Locations Of Vivo, Related Chinese Firms In Money Laundering Case

The Enforcement Directorate (ED) on Tuesday performed searches at 44 areas throughout the nation in a cash laundering investigation in opposition to Chinese language smartphone manufacturing firm Vivo and associated firms, citing officers, the PTI reported.

The searches are being carried out underneath sections of the Prevention of Cash Laundering Act (PMLA).

The company is conducting searches at 44 locations associated to Vivo and related firms, they stated.

In keeping with sources, half from Vivo, premises of some different Chinese language firms had been being raided by the ED officers.

Vivo has not given any official assertion concerning the searches by ED.

The Central Bureau of Investigation (CBI) has additionally been probing the case and have lodged a separate FIR.    

In one other case, on April 30 ED had seized Rs 5,551.27 crore from Xiaomi India in reference to unlawful outward remittances made by the corporate. The seizure was made out of the corporate’s financial institution accounts underneath provisions of the Overseas Alternate Administration Act.

In February this yr, Chinese language telecom main Huawei has been accused of tax evasion by the earnings tax (I-T) division by manipulating its account books in India.

An investigation has discovered that the Chinese language telecom agency manipulated account books to scale back its taxable earnings. The search and seizure operations by the I-T division had been performed on February 15, 2022, with the probe nonetheless in progress.

The CBDT has made a number of prices in opposition to the corporate, together with that it “made inflated funds in opposition to receipt of technical providers from its associated events exterior India. The assessee agency couldn’t justify the genuineness of acquiring of such alleged technical providers in lieu of which fee has been made as additionally the premise of dedication of consideration for a similar. The bills debited by the assessee firm in direction of receipt of such providers are to the tune of Rs 129 crore over a interval of 5 years,” it stated.