VIVO phone
ED conducts raids: The Enforcement Directorate has registered a money laundering case against Chinese mobile phone maker Vivo and its related companies and subsidiaries. The probing agency has registered the case after taking cognisance of an FIR and the searches were being carried out under sections of the Prevention of Money Laundering Act (PMLA).
Raids were conducted at 44 premises belonging to Vivo, associate companies, and sister companies. Last December, the Income Tax Department had searched Vivo and other Chinese mobile phone makers premises.
The IT department had said that income of more than Rs 500 crore was wrongly declared. It is alleged that money was being misappropriated in the name of royalty.
The ED had earlier attached Xiaomi’s bank accounts worth Rs 5,000 crore. But the Karnataka High Court had stayed the move. Xiaomi had claimed that the ED forced its top officials but the investigating agency had denied these allegations.
Latest Business News
