Enforcement Directorate raids Chinese phone maker Vivo, searches at 40 locations
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The Enforcement Directorate was conducting raids at 40 locations in Uttar Pradesh, Madhya Pradesh, Bihar, and southern states in connection with preventing of money laundering case that is linked with Chinese phone maker Vivo as well as other Chinese firms. According to sources, the office of Vivo and the site of a few other Chinese companies were being raided. Vivo did not comment on anything on this matter as of now and even the ED officials didn’t come to record.
The CBI has also been examining the case and has even lodged a separate FIR. In April, ED stated that they seized Rs 5,551.27 crore of Xiaomi Technology India Private Limited in the bank accounts under the service of the Foreign Exchange Management Act that is linked with the illegal money order made by the company. The company earlier had released a statement stating “ We have studied the order from the government authorities carefully. We believe our royalty payments and statements to the bank are all legit and truthful. These royalty payments that Xiaomi India made were for the in-licensed technologies and Ips used in our Indian version products. It is a legitimate commercial arrangement for Xiaomi India to make such royalty payments. However, we are committed to working closely with government authorities to clarify any misunderstandings,”