ED files charge sheet against Vivo India and others in money laundering case
The ED had claimed that the illicit activities of the four arrested individuals led Vivo India to make illegal gains that were harmful to India’s economic sovereignty.
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The Enforcement Directorate (ED) filed its first charge sheet against Chinese smartphone-maker Vivo India, among a few others with respect to the money laundering case ongoing against them. The complaint had been filed in a special court on December 6 under the Prevention of Money Laundering Act. Vivo India is one of the names that has been accused among others arrested, reported ET.
Those arrested include Hari Om Rai, MD of Lava International, Chinese national Andrew Kuang and CAs Nitin Garg and Rajan Malik.
The ED had claimed that the illicit activities of the four arrested individuals led Vivo India to make illegal gains that were harmful to India’s economic sovereignty.
The ED had raided Vivo India and the aforementioned four arrested individuals in July last year, claiming to have found a major money laundering racket involving Indians companies well as Chinese nationals.
A sum of Rs. 62476 crore was accused by the ED of being illegally funnelled to China by Vivo India in a bid to avoid paying taxes. However, the company denied the allegations claiming that they comply with al ethical and legal principles.
