Business

Raid on Chinese mobile company Vivo

New Delhi. Another Chinese mobile company has been raided by Enforcement Directorate, ED. After Xiaomi, many Vivo offices have been raided this time. The ED on Tuesday raided and searched 44 places of Chinese company Vivo in several states including Uttar Pradesh, Madhya Pradesh, Bihar, Jharkhand, Punjab and Haryana. It is being told that this raid has been done in the case of money laundering. Several ED teams conducted raids in several states since morning.

Another investigating agency CBI is already investigating in this case. It is worth noting that like many other Chinese companies in money laundering case, Vivo is also in the eyes of Income Tax Department and ED. In April this year, the issue of investigation into the ownership rights of Vivo and irregularities in financial reports came up. It is being told that along with ED and CBI, the Ministry of Corporate Affairs is also keeping a close watch on the firms associated with these companies.

ED had also raided the Chinese company Xiaomi, which made it the first mobile handset. In April, the ED had seized Rs 5,551 crore from its Bangalore office. The company was accused of illegally sending its earnings out of India. The company had done this manipulation in February this month, after which action was taken to confiscate the property. Many more wrongdoings of the company were claimed to have been caught.

Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.
Back to top button