Chinese Directors Of Firm Linked With Vivo Flee India As ED Intensifies Investigation Into Money Laundering Case

New Delhi: Because the ED intensified its probe towards cash laundering case towards Vivo, Zhengshen Ou and Zhang Jie, the administrators of GPICPL related to the Chinese language smartphone manufacturing firm fled India in 2021, sources advised information company ANI. The 2 administrators could  have fled the nation through the Nepal route amid fears that they could be arrested. Vivo didn’t touch upon the event.Additionally Learn – ED Raids Chinese language Smartphone Maker Vivo, Different Companies in Cash Laundering Probe | All You Must Know

The raids have been performed at practically 44 places in Uttar Pradesh, Madhya Pradesh, Bihar, Meghalaya and in southern states, on Tuesday in reference to the Prevention of Cash Laundering Act (PMLA), 2002. Additionally Learn – ED Summons Former Mumbai High Cop In NSE Co-Location Case, Days After Retirement

Reportedly, native items of Vivo Cell Communications are beneath the radar for alleged monetary improprieties as a part of an investigation into different China-based companies. Additionally Learn – Amid Maharashtra Disaster, ED Summons Sanjay Raut in Land Rip-off Case

In response to stories, few Chinese language shareholders in that firm cast their id paperwork with the intention to launder illegally generated funds utilizing shell corporations. Furthermore, it alleged that a few of these “proceeds of crime” have been diverted overseas or put in another companies by skirting Indian enforcement companies.

In April, the ED seized Rs 5,551.27 crore of Xiaomi Know-how India Non-public Ltd mendacity within the financial institution accounts beneath the provisions of Overseas Change Administration Act (FEMA) reference to the unlawful outward remittances made by the corporate.

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