Trouble Mounts For Vivo As Three More Officials In ED Net

Trouble Mounts For Vivo As Three More Officials In ED Net

SUMMARY

Recently, four others were detained under the Prevention of Money Laundering Act (PMLA) related to Chinese smartphones, and their judicial custody was extended by a Delhi court last month

ED has also filed a chargesheet against Vivo under the PMLA, which named 23 other associate companies, including Lava International

The ED started its investigation against Vivo-India in 2021 with suspicions that the company had illegally transferred more than INR 60,000 Cr to its Chinese entity to avoid paying taxes in India

More trouble seems to be brewing for Vivo as the Enforcement Directorate has made three more arrests in connection with its probe against Chinese smartphone makers.

Official sources familiar with the case informed Business Today.

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