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The Enforcement Directorate has arrested 4 executives of Chinese smartphone maker Vivo, together with one Chinese nationwide, a report mentioned on Tuesday (October 10). They have been arrested in relation to a case the place the nation’s monetary crime company raided the corporate’s workplaces and accused it of cash laundering.
Citing two sources with direct information of the matter, information company Reuters reported that the Vivo executives had been summoned to the ED’s Delhi workplace for questioning after which arrested.
The improvement comes at a time when there are rising tensions between Beijing and New Delhi over varied points, together with border disputes in addition to India’s scrutiny of Chinese companies and funding.
The firm had denied the allegations of cash laundering and had beforehand mentioned that it supplied authorities with all required info and was “committed to be fully compliant with laws.”
India’s crackdown on Chinese companies
Last 12 months, the ED blocked 119 financial institution accounts linked to Vivo’s India enterprise but it surely was later revoked by a court docket. The firm was alleged to have transferred $7.5 billion to China illegally to “disclose huge losses” in India to keep away from taxes.
Last week, police accused Chinese smartphone makers Xiaomi and Vivo of serving to switch funds illegally to NewsClick which was charged with spreading Chinese propaganda. While Xiaomi strongly denied the accusation, NewsClick mentioned the allegations had been “untenable and bogus”.
India has additionally banned a whole lot of Chinese apps, together with the favored TikTok, citing nationwide safety considerations.
Earlier this 12 months, the ED additionally issued show-cause notices to 2 senior executives of Xiaomi India over alleged international change regulation violations. The ED had seized funds value Rs 5,551.27 crore from the Chinese firm’s Indian arm’s financial institution accounts below the FEMA, citing unauthorised remittance of this quantity overseas below the pretence of royalty funds.
Citing two sources with direct information of the matter, information company Reuters reported that the Vivo executives had been summoned to the ED’s Delhi workplace for questioning after which arrested.
The improvement comes at a time when there are rising tensions between Beijing and New Delhi over varied points, together with border disputes in addition to India’s scrutiny of Chinese companies and funding.
The firm had denied the allegations of cash laundering and had beforehand mentioned that it supplied authorities with all required info and was “committed to be fully compliant with laws.”
India’s crackdown on Chinese companies
Last 12 months, the ED blocked 119 financial institution accounts linked to Vivo’s India enterprise but it surely was later revoked by a court docket. The firm was alleged to have transferred $7.5 billion to China illegally to “disclose huge losses” in India to keep away from taxes.
Last week, police accused Chinese smartphone makers Xiaomi and Vivo of serving to switch funds illegally to NewsClick which was charged with spreading Chinese propaganda. While Xiaomi strongly denied the accusation, NewsClick mentioned the allegations had been “untenable and bogus”.
India has additionally banned a whole lot of Chinese apps, together with the favored TikTok, citing nationwide safety considerations.
Earlier this 12 months, the ED additionally issued show-cause notices to 2 senior executives of Xiaomi India over alleged international change regulation violations. The ED had seized funds value Rs 5,551.27 crore from the Chinese firm’s Indian arm’s financial institution accounts below the FEMA, citing unauthorised remittance of this quantity overseas below the pretence of royalty funds.
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