Just In
- 20 min ago Lenovo Unveils IdeaPad Pro 5i Laptop With Intel Core Ultra 9 Processor – Check Price, Specs
- 23 min ago Lava ProWatch Zn, ProWatch Vn Smartwatches Launched in India: Check Price, Specs, Availability
- 1 hr ago Google Podcasts to Shut Down Globally in June 2024: Here's How to Transfer Your Podcasts to YouTube Music
- 1 hr ago itel S24 Launched in India with MediaTek Helio G91 SoC, 108 MP Camera, 90Hz Display: Price, Specs
Don't Miss
- Movies Game Changer: Ram Charan's Remuneration For Director Shankar's Hyped Bilingual Political Drama Will SHOCK You
- Sports 'MS Dhoni Angry and Throwing Helmet': CSK Legend Suresh Raina reveals shocking IPL Tale
- Automobiles Nissan Magnite Achieves 1 Lakh Unit Sales Milestone: Consistency Helps
- News Diamonds Worth ₹6.46 Crore Found Hidden In Noodles At Mumbai Airport, Passenger Arrested
- Education WB Madhyamik Result 2024, WBBSE 10th Marksheet on wbresults.nic.in
- Finance Sakuma Exports Secures Rs. 150 Cr Deal; Okays Rights Issue Amidst Positive Outlook
- Lifestyle Arushi Sharma-Vaibhav Vishant Wedding, Love Aaj Kal 2 Actor Looks Resplendent In A Pastel Ethnic Outfit, Pics!
- Travel Kurnool's Hidden Gems: A Guide To Exploring India's Lesser-Known Treasures
Vivo India Committed Economic Offenses, Money Laundering: ED Tells Delhi High Court
Vivo India's troubles in the country seem to be mounting. In the latest development, the Enforcement Directorate told the Delhi High Court that the investigation against Vivo India was done following the PMLA. The investigation revealed that the mobile brand was caught up in money laundering which is a heinous economic offense.
Vivo India Money Laundering Case
Vivo India has been in the soup for the past few weeks. The ED conducted raids on 44 locations of the mobile company in India. The affidavit submitted to the court states that some employees of Vivo India, including Chinese nationals, didn't cooperate with the search proceedings.
They had even tried to abscond, remove, and hide digital devices that were latest retrieved by the search teams. Soon after, the bank accounts of Vivo India were frozen. ED states that Vivo India is suspected to have money laundered Rs. 1,200 crores. So far, only Rs. 251 crores have been recovered and frozen.
The Enforcement Directorate also stated that nearly 23 associated firms transferred massive amounts of money in transactions with Vivo. These firms include Grand Prospect International Communication Pvt Ltd (GPICPL), which is said to have transferred total sale proceeds of Rs. 1,25,185 crores.
What's more, this firm has allegedly remitted almost 50 percent of the turnover out of India, mainly to China. "These companies are found to have transferred huge amounts of funds to Vivo India. Further, out of the total sale proceeds of Rs. 1,25,185 crores, Vivo India remitted Rs. 62,476 crores almost 50 percent of the turnover out of India, mainly to China," ED said in a statement.
Vivo Responds To ED Allegations
On the other hand, Vivo also responded to the Delhi High Court case. Senior advocate Siddharth Agrawal appeared for Vivo India. He has requested the defreezing of the bank accounts to be able to handle the daily functioning of the mobile brand in the country.
"We are ready to give weekly or daily details of transactions. Allow me to breathe, no organization can operate without a bank account. The freezing also prevents the payment of salaries to the thousands of employees of the petitioner," Vivo India submitted to the court.
Presently, it's unclear what would happen to Vivo in the coming days. The brand has a couple of new phones lined up for launch. But with its bank accounts frozen, it's unclear what would happen next to Vivo in India.
-
99,999
-
1,29,999
-
69,999
-
41,999
-
64,999
-
99,999
-
29,999
-
63,999
-
39,999
-
1,56,900
-
79,900
-
1,39,900
-
1,29,900
-
65,900
-
1,56,900
-
1,30,990
-
76,990
-
16,499
-
30,700
-
12,999
-
14,999
-
26,634
-
18,800
-
62,425
-
1,15,909
-
93,635
-
75,804
-
9,999
-
11,999
-
3,999