ED arrests four persons in money laundering case against Chinese phone-maker Vivo dailyexcelsior.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailyexcelsior.com Daily Mail and Mail on Sunday newspapers.
Lava: The agency had raided Vivo and its linked persons in July last year, claiming to have busted a major money laundering racket involving Chinese nationals and multiple Indian companies. The ED had then alleged that a whopping Rs 62,476 crore was "illegally" transferred by Vivo to China in order to avoid payment of taxes in India.
The Enforcement Directorate (ED) on Thursday revealed that VIVO Mobiles India Pvt Ltd received vast amounts from its 23 associated companies and remitted RS62476 crore, or 50% of its sale proceeds out of India, mainly to China to avoid taxes in India.