At least seven Chinese nationals associated with Vivo India have fled the country following investigations by the Enforcement Directorate (ED). The ED has accused Vivo China, Vivo India, and other entities of flouting foreign direct investment norms and visa conditions, as well as hiding beneficial ownership to create proceeds of crime worth over INR 20,000 crore ($2.6 billion). The charge sheet filed by the ED alleges that Vivo China used various methods to conceal its ownership of Vivo India and control its operations in the country. Vivo has denied all charges. | Latest News India
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.