DT
PT
Subscribe To Print Edition About The Tribune Code Of Ethics Download App Advertise with us Classifieds
search-icon-img
search-icon-img
Advertisement

ED conducts raids at 44 places across the country against Vivo, related companies in money-laundering probe

New Delhi, July 5 The Enforcement Directorate (ED) on Tuesday conducted searches at 44 places across the country in a money-laundering investigation against Chinese smartphone manufacturing company Vivo and related firms, officials said. The searches are being carried out under...
  • fb
  • twitter
  • whatsapp
  • whatsapp
Advertisement

New Delhi, July 5

The Enforcement Directorate (ED) on Tuesday conducted searches at 44 places across the country in a money-laundering investigation against Chinese smartphone manufacturing company Vivo and related firms, officials said.

The searches are being carried out under sections of the Prevention of Money Laundering Act (PMLA) at locations in several states including Delhi, Uttar Pradesh, Meghalaya, Maharashtra and others.

Advertisement

The agency is conducting searches at 44 places related to Vivo and associated companies, they said.

A query sent by PTI to Vivo did not elicit a response. The news piece will be updated once the company issues a statement.

Advertisement

The federal agency filed a money-laundering case after taking cognisance of a recent Delhi Police (economic offences wing) FIR against a distributor of the agency based in Jammu and Kashmir where it was alleged that a few Chinese shareholders in that company had forged their identity documents.

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.

The action is 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.

Premises of a number of Chinese smartphone makers, their distributors and linked associates were raided across the country by the Income Tax Department in December last year and it later claimed to have detected alleged unaccounted income of over Rs 6,500 crore due to violation of the Indian tax law and regulations.

Advertisement
Advertisement
Advertisement
Advertisement
tlbr_img1 Home tlbr_img2 Opinion tlbr_img3 Classifieds tlbr_img4 Videos tlbr_img5 E-Paper