ED blocks 119 accounts linked to Vivo, seizes gold bars after raids: Report

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The Enforcement Directorate (ED said on Thursday it has blocked 119 bank accounts linked to Vivo’s India business which were holding 4.65 billion rupees ($58.76 million), as part of an investigation into alleged money laundering by the Chinese smartphone maker, reported news agency Reuters.

The ED said it raided 48 locations of Vivo and its 23 related entities this week, alleging that sale proceeds of Vivo India were transferred out of India to show losses and avoid paying taxes.

The ED on Thursday said the Indian arm of Vivo “remitted” almost 50 per cent of its turnover, which is 62,476 crore, mainly to China in order to avoid paying taxes here, PTI reported.

The probe agency also said it has seized 73 lakh cash and 2 kg gold bars after its pan-India raids that were launched early this week on July 5 against Vivo Mobile India Pvt. Ltd. and its 23 associated companies.

It said an ex-director of Vivo, Bin Lou, left India in 2018 after incorporating a number of companies that are now under its scanner.

It alleged that “employees of Vivo India, including some Chinese nationals, did not cooperate with the search proceedings and tried to abscond, remove and hide digital devices which were retrieved by the search teams.”

source: Reuters

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