Friday, Aug 12, 2022
×
Outlook.com
×

ED Raids 44 Locations Of Vivo, Other Chinese Mobile Companies

The income tax department had conducted searches in multiple locations of Vivo and other Chinese firms last year, citing that revenue worth Rs 500 crore was not properly disclosed

Source: Shutterstock
Source: Shutterstock

In a recent development, the enforcement department conducted searches across more than 40 locations of Chinese mobile manufacturers including Vivo and other firms, in relation to the violation of the Prevention of Money Laundering Act (PMLA), according to multiple news reports. 

The searches are being conducted across several locations in Uttar Pradesh, Madhya Pradesh, Bihar and some locations in the south. 

The development comes months after the government watchdog seized Rs 5,551.27 crore from Xiaomi, one of the leading Chinese mobile companies in India citing, “illegal outward remittances made by the company.”

Notably, the income tax department had conducted searches in multiple locations of Vivo and other Chinese firms last year, citing that revenue worth Rs 500 crore was not properly disclosed. 

In the past few months, the Chinese smartphone companies have been on the Indian government’s radar of IT ministry, Ministry of Home Affairs and Ministry of Corporate Affairs over non-compliance with PMLA. 

Advertisement
Advertisement
Advertisement