Vivo ED Raids: Two Chinese Directors Of A Related Company Flee

as the Enforcement Directorate (ED) continued searches of the premises of Chinese companies, including smartphone maker Vivo, joined the directors of one of the companies at 44 locations in 22 states on Wednesday Vivo have fled India†



According to sources, two of the Chinese directors of Solan, the Himachal Pradesh-based company associated with Vivo, are likely to have fled India as ED is a prevention of money laundering case.

The Chinese citizens became directors in the Indian entities with false documents.

The enforcement agency has so far received information about money laundering worth Rs 10,000 crore during the raids, according to ED sources.

More details will emerge later in the case, the sources added.

The CBIA has also investigated the matter and submitted a separate initial information report.

In a statement to IANS, Vivo said it would cooperate with the authorities to provide them with all necessary information.

“As a responsible company, we are committed to fully complying with the laws,” said a company spokesperson.

In April, the ED took Rs 5,551.27 crore from Xiaomi Technology India Private Ltd lying on the bank accounts according to the provisions of Foreign Exchange Management Act †FEMA) related to the company’s illegal transfers.

SEE ALSO: TCS Closes Results Season — Here’s What To Expect

India narrows booster gap as fewer people queue for the precautionary dose