Jul 05, 2022 04:55 pm
The Chinese phone manufacturer Vivo is under The Enforcement Directorate (ED) radar for money laundering as 44 locations of Vivo are being raided by ED.
The searches are being carried out under sections of the Prevention of Money Laundering Act (PMLA). The agency is conducting searches at 44 places related to Vivo and associated companies, they said.
Meanwhile, on April 30 ED officials had seized ₹5,551.27 crore from Xiaomi India in connection with illegal outward remittances made by the company.The seizure was made from the company's bank accounts under provisions of the Foreign Exchange Management Act (FEMA).
The investigation into the alleged illegal remittances was initiated in February this year. ED claimed, "the company has remitted foreign currency equivalent to ₹5551.27 crore to three foreign based entities which include one Xiaomi group entity in the guise of royalty."