Raids on 44 locations of Chinese mobile companies, ED action lasted all day

Enforcement Directorate raids Vivo, related companies in money laundering probe. During this, 44 locations were searched across the country.


New Delhi: The Enforcement Directorate on Tuesday conducted searches at 44 locations across the country in a money laundering probe against Chinese smartphone maker Vivo and related firms. Officials said the raids are being conducted under sections of the Prevention of Money Laundering Act (PMLA).

Raid in many states including UP, Maharashtra

He said the agency is conducting searches at 44 locations linked to Vivo and its related companies in Delhi, Uttar Pradesh, Meghalaya, Maharashtra and other states. In this regard, news agency PTI-Bhasha sent questions to Vivo, to which no response was received.

The probe agency had recently registered a money laundering case after the Delhi Police (Economic Offenses Wing) filed an FIR against a distributor of the agency based in Jammu and Kashmir.

Allegations against some Chinese shareholders of the company

It was alleged in this FIR that some Chinese shareholders of that company forged their identity documents. The Enforcement Directorate suspects that this alleged forgery was done to launder illegally earned money by using shell or fake companies.

Some of this 'criminal proceeds' was diverted abroad or diverted to other businesses by defrauding the Indian tax and enforcement agencies. This action is being seen as part of the central government's action against Chinese entities and Indian parties associated with them.

Serious cases like money laundering and tax evasion

It is alleged that these companies are indulging in serious financial crimes like money laundering and tax evasion while working here. On April 29, the ED had frozen the bank accounts of Xiaomi India and banned the withdrawal of Rs 5,551 crore deposited in them.

This action was taken on the allegation of violation of the provisions of the Foreign Exchange Management Act (FEMA). The investigation agency says that Xiaomi India has done illegal transactions by sending money earned from business in India to three of its own companies abroad in the name of payment of royalty.

allowance for withdrawal

Meanwhile, on May 12, the court had allowed Xiaomi to withdraw money from these bank accounts to meet its expenses. But the company cannot use this amount in the name of royalty payment outside India.

In December last year, the Income Tax Department had raided the premises of several Chinese smartphone companies, their distributors and affiliated affiliates, including Xiaomi, Oppo and Vivo, across the country. It was later claimed that the raids revealed an alleged unaccounted income of over Rs 6,500 crore.

News is originally taken from: https://zeenews.india.com/hindi/zee-hindustan/national/ed-raids-at-44-locations-in-up-mp-maharashtra-bihar-and-a-few-southern-states-chinese-mobile-company/1245502

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