vivo phone
ED raidsThe Enforcement Directorate has registered a money laundering case against Chinese mobile phone maker Vivo and its related companies and subsidiaries. The investigating agency has registered a case after taking cognizance of the FIR and searches are being conducted under sections of the Prevention of Money Laundering Act (PMLA).
The raids were conducted at 44 premises of Vivo, associate companies and associate companies. Last December, the Income Tax Department searched the premises of Vivo and other Chinese mobile phone makers.
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 coerced its top officials, but the probe agency denied the allegations.