ED raids Vivo, other Chinese firms in money laundering case


The Enforcement Directorate (ED) conducted raids at nearly 40 locations in Uttar Pradesh, Madhya Pradesh, Bihar, and southern states, in connection with the prevention of money laundering cases linked to Vivo and associated Chinese firms.

According to the reports, the office of Vivo and the premises of a few other Chinese firms were raided as part of a case under the Prevention of Money Laundering Act, 2002. The CBI has also been probing the case and lodged a separate first information report (FIR).

In April, the ED seized Rs 5,551.27 crore of Xiaomi Technology India Private Limited lying in the bank accounts under the provisions of the Foreign Exchange Management Act (FEMA) in connection with the illegal outward remittances made by the company.

On March 3, the Income Tax Department said that they conducted raids against the Chinese firms dealing in telecom products and learnt that the companies were involved in tax evasion through fake receipts. The I-T department had detected suppression of income of Rs 400 crore at that time.