Vivo Approaches Delhi High Court Over Freezing Of Bank Accounts By ED

Vivo Approaches Delhi High Court Over Freezing Of Bank Accounts By ED

SUMMARY

On Thursday, the ED seized 119 bank accounts belonging to Vivo India and associate companies, with a balance of around INR 465 Cr

Vivo India said grave injustice will be caused to the company due to the freezing of its accounts and it will negatively affect its business operations and reputation

Out of the total sale proceeds of INR 1,25,185 Cr, Vivo India remitted INR 62,476 Cr, almost half of its turnover, mainly to China: ED

Vivo India approached the Delhi High Court on Friday to challenge the Enforcement Directorate’s (ED) move to seize the bank accounts of the company in connection with an ongoing money-laundering investigation.

On Thursday, the ED seized 119 bank accounts belonging to Vivo India and associate companies, which had a balance of around INR 465 Cr. The amount also included up to INR 66 Cr in fixed deposits, gold bars weighing 2 kgs and cash worth INR 73 Lakh.

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