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<ul><li>Indian conglomerate <keyword id="19924335" type="General" weightage="20" keywordseo="Tata-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Group" meta.hostid="261" meta.entityid="Tata Group">Tata Group</keyword> is reportedly looking to acquire a majority stake in <keyword id="19923299" type="General" weightage="20" keywordseo="Vivo-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Vivo India" meta.hostid="261" meta.entityid="Vivo India">Vivo India</keyword>.</li><li>Vivo India is the Indian unit of Chinese smartphone maker Vivo.</li><li>This comes amid a government push to involve a domestic company in operations.</li></ul>Tata Group is reportedly looking to acquire a majority stake in smartphone maker Vivo India. The Chinese smartphone maker has been looking to partner with domestic companies amid a push from the Indian government to involve an Indian company in its manufacturing and distribution operations. According to a<a href="https://www.moneycontrol.com/news/telecom/exclusive-tata-group-eyes-majority-stake-in-vivo-india-unit-bhagwati-buys-greater-noida-factory-12748428.html"> report</a> by Moneycontrol, Tata Group and Vivo are currently in an advanced stage of discussions. “The discussions have reached an advanced stage where talks began around valuations. Vivo has been seeking a higher valuation than what Tatas are offering. The Tatas are interested in the deal, but nothing has been finalised yet,” a source familiar with the matter told Moneycontrol. The Indian government reportedly wants an Indian company to have a stake of at least 51% in the joint venture with a Chinese smartphone maker, along with local leadership. <cmsannotation type="cmsannotation" annotationid="ED action against Vivo" comment="subhead" text="ED action against Vivo">ED action against Vivo</cmsannotation> Vivo has been under the Indian government’s scanner and was even<a href="https://www.businessinsider.in/tech/enterprise/news/ed-has-reportedly-raided-44-locations-of-vivo-and-related-firms-across-the-country/articleshow/92672031.cms"> raided</a> by the <keyword id="19895344" type="General" weightage="20" keywordseo="Enforcement-Directorate" source="keywords" meta.keywordsubtype="org" meta.entityname="Enforcement Directorate" meta.hostid="261" meta.entityid="Enforcement Directorate">Enforcement Directorate</keyword> (ED) in July 2022. The ED had claimed that Vivo had transferred ₹62,476 crore to its parent company in China over a five-year period to avoid paying taxes in the country. The agency had also accused the company of violating the Prevention of Money Laundering Act (PMLA). <cmsannotation type="cmsannotation" annotationid="Bhagwati Products take over Vivo’s factory" comment="subhead" text="Bhagwati Products take over Vivo’s factory">Bhagwati Products take over Vivo’s factory</cmsannotation> In yet another push to involve an Indian company in its operations, Vivo’s 14-acre manufacturing factory in Greater Noida has been taken over by Bhagwati Products (Micromax). The company has reportedly started hiring staff and will contract-manufacture smartphones for Vivo. Bhagwati Products has formed a joint venture with original design manufacturer (ODM) Huaqin Technology and this JV is awaiting government approval. Vivo will continue to manufacture from its new 170-acre factory in Greater Noida. <cmsannotation type="cmsannotation" annotationid="Tata Group’s push in smartphone manufacturing" comment="subhead" text="Tata Group’s push in smartphone manufacturing">Tata Group’s push in smartphone manufacturing</cmsannotation> This is not the first time the Tata Group is looking at manufacturing smartphones. Tata Group in 2023 acquired Wistron’s operations in India for $125 million, making it the first Indian company to manufacture Apple iPhones. There have been reports that the company is also in talks with Pegatron, another iPhone maker to acquire a majority stake. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/webstories/bmw-r-1300-gs-superbike-launched-in-india-at-20-95-lakh/slidelist/110971512.cms">BMW R 1300 GS superbike launched in India at ₹20.95 lakh</a> <a href="https://www.businessinsider.in/sports/webstories/kkr-beats-mi-in-terms-of-brand-value-csk-and-rcb-continue-to-lead/slidelist/110963926.cms">KKR beats MI in terms of brand value, CSK and RCB continue to lead</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-z-fold-6-will-reportedly-get-a-100-price-bump/articleshow/110959434.cms">Samsung Galaxy Z Fold 6 will reportedly get a $100 price bump</a>

Tata Group reportedly looking to acquire a majority stake in Vivo India

<ul><li>A report has revealed that <keyword id="215177" type="General" weightage="20" keywordseo="vivo" source="Orion">Vivo</keyword> reportedly transferred nearly $8 billion (₹62,000 crore) to its parent company in <keyword id="1334" type="General" weightage="100" keywordseo="china" source="Orion">China</keyword>.</li><li>The Enforcement Directorate had conducted raids across 44 locations belonging to Vivo and its associates.</li><li>The ED is reportedly investigating the transfer and why the company reported its profits as expenditure.</li></ul>The Enforcement Directorate (ED), the country’s financial watchdog recently <a href="https://www.businessinsider.in/tech/enterprise/news/ed-has-reportedly-raided-44-locations-of-vivo-and-related-firms-across-the-country/articleshow/92672031.cms">conducted raids</a> across 44 offices belonging to <keyword id="2829414" type="General" weightage="20" keywordseo="vivo-india" source="Orion">Vivo India</keyword> and its related firms, as part of ED’s investigations into violations of the Prevention of Money Laundering Act (PMLA) by the Chinese smartphone maker and its associates. According to a <a href="https://www.businesstoday.in/technology/news/story/exclusive-ed-probes-rs-62000-cr-fund-transfer-to-vivo-indias-chinese-parent-340713-2022-07-07">report</a> by Business Today, Vivo reportedly transferred nearly $8 billion (₹62,000 crore) to its parent company in China over a five year period from 2017 to 2021. "The agency is investigating why Vivo India declared profit as expenditure in its balance sheet and transferred substantial sums of money to China," an official familiar with the matter told Business Today. The above report has revealed that the company’s total turnover during the period was around ₹1.25 lakh crore. This shows it transferred nearly half of its turnover to its Chinese parent, if the reported numbers are correct. The money laundering case against Vivo was filed by ED after taking cognizance of a FIR filed by the Economic Offenses Wing of the Delhi Police against a Vivo distributor based in Jammu and Kashmir. The FIR alleged that Chinese shareholders of the company had forged their identity documents. According to the above report, ED suspects that the identity was forged to launder money using shell companies and “proceeds of the crime” have been sent to China and other businesses to bypass Indian rules. The Press Trust of India in a <a href="https://twitter.com/PTI_News/status/1545016847669415936">tweet </a>citing ED has said the actual amount remitted by Vivo is around ₹62,476 crore. The tweet further added that the amount was transferred to avoid taxes in India. <cmsannotation type="cmsannotation" annotationid="ED seizes funds, cash and gold from Vivo" comment="subhead" text="ED seizes funds, cash and gold from Vivo">ED seizes funds, cash and gold from Vivo</cmsannotation> <div type="twitter" handle="PTI_News" handlename="Press Trust of India" image="http://pbs.twimg.com/profile_images/826806758513446913/2__zaKJN_normal.jpg" favoritecount="150" retweetcount="31" status="Raids on Vivo: ED seizes funds of Rs 465 crore, Rs 73 lakh in cash and 2 kg gold under anti-money laundering law" createdat="1657195616000" id="1545016511982555136"></div> The Enforcement Directorate has reportedly seized ₹456 crore in funds, ₹73 lakh in cash and 2 kg gold from Vivo under the money laundering act. <cmsannotation type="cmsannotation" annotationid="Second Chinese smartphone maker to come under the ED scanner" comment="subhead" text="Second Chinese smartphone maker to come under the ED scanner">Second Chinese smartphone maker to come under the ED scanner</cmsannotation> This is the second instance of a Chinese company coming under the scanner of the Indian authorities for remitting money outside India. Earlier, Xiaomi came under the ED scanner for remitting over ₹5,500 crore. A <a href="https://www.businessinsider.in/business/news/vivo-ed-raids-two-chinese-directors-of-a-related-company-flee/articleshow/92714054.cms">report</a> has also revealed that two Chinese directors of a company related to Vivo have fled India after the ED raids. The two directors were reportedly working for Solan, a Himachal Pradesh-based company that was associated with Vivo. They were allegedly made directors in the company using forged documents. SEE ALSO: <a href="https://www.businessinsider.in/tech/enterprise/news/ed-has-reportedly-raided-44-locations-of-vivo-and-related-firms-across-the-country/articleshow/92672031.cms">After Xiaomi, Vivo comes under the Enforcement Directorate’s scanner</a> <a href="https://www.businessinsider.in/business/news/exclusive-84-of-the-5551-27-crore-seized-from-xiaomi-india-were-remitted-to-qualcomm-group/articleshow/91560593.cms">EXCLUSIVE: 84% of the ₹5,551.27 crore of the alleged illegal remittance by Xiaomi India were to the Qualcomm Group</a> <a href="https://www.businessinsider.in/policy/economy/news/china-unhappy-with-vivo-raids-says-frequent-probes-chill-investor-confidence/articleshow/92715136.cms">China unhappy with Vivo raids, says frequent probes 'chill' investor confidence</a>

Vivo reportedly transferred nearly $8 billion to its parent company in China

<ul><li><keyword id="215177" type="General" weightage="100" keywordseo="vivo" source="Orion">Vivo</keyword> has allegedly transferred ₹62,476 crore to its parent company in China, in addition to being caught with 2 kilo gold bars in one of its offices.</li><li>The Enforcement Directorate (ED) has claimed that Vivo remitted the amount to avoid paying taxes in India.</li><li>The financial watchdog has blocked over a hundred bank accounts of the company.</li></ul>Chinese smartphone maker Vivo is currently in hot waters with the Enforcement Directorate (ED) in India after the financial watchdog accused the company and its associates in India of violating the Prevention of Money Laundering Act (PMLA). The ED has <a href="https://www.businessinsider.in/tech/enterprise/news/ed-has-reportedly-raided-44-locations-of-vivo-and-related-firms-across-the-country/articleshow/92672031.cms">conducted raids</a> across 44 premises of Vivo and its associates in Uttar Pradesh, Bihar, Madhya Pradesh, Punjab, Haryana, and several other states across the country. The ED has accused Vivo of remitting nearly <a href="https://www.businessinsider.in/tech/enterprise/news/vivo-reportedly-transferred-nearly-8-billion-to-its-parent-company-in-china/articleshow/92726095.cms">$8 billion</a> to China. Here’s everything that you need to know about the allegations against Vivo. <cmsannotation type="cmsannotation" annotationid="Vivo has reportedly sent ₹62,476 crore to China to evade taxes" comment="subhead" text="Vivo has reportedly sent ₹62,476 crore to China to evade taxes">Vivo has reportedly sent ₹62,476 crore to China to <keyword id="14399574" type="General" weightage="20" keywordseo="evade-taxes" source="Orion">evade taxes</keyword></cmsannotation> According to a <a href="https://twitter.com/PTI_News/status/1545016847669415936">report</a> by PTI, the ED has claimed that Vivo has remitted ₹62,476 crore, which is around 50% of its revenue over a five-year period to its parent company in China to avoid paying taxes. "The agency is investigating why Vivo India declared profit as expenditure in its balance sheet and transferred substantial sums of money to China," an official familiar with the matter told <a href="https://www.businesstoday.in/technology/news/story/exclusive-ed-probes-rs-62000-cr-fund-transfer-to-vivo-indias-chinese-parent-340713-2022-07-07">Business Today</a>. The money laundering case against Vivo was filed by the agency after taking cognizance of an FIR filed by the Economic Offenses Wing of the Delhi Police against a Vivo distributor based in Jammu and Kashmir. The report has claimed that Chinese shareholders of the company have used forged identity documents. The ED has claimed that the identity was forged to launder money using shell companies and “proceeds of the crime” have been sent to China and other businesses to bypass Indian rules. <cmsannotation type="cmsannotation" annotationid="Two directors flee the country" comment="subhead" text="Two directors flee the country">Two directors flee the country</cmsannotation> A <a href="https://www.businessinsider.in/business/news/vivo-ed-raids-two-chinese-directors-of-a-related-company-flee/articleshow/92714054.cms">report</a> has also revealed that two Chinese directors of a company related to Vivo fled India after the ED raids. The directors were part of Solan, a Himachal Pradesh-based company that was associated with Vivo. The agency has claimed that the Chinese nationals were made directors of the company using forged documents. <cmsannotation type="cmsannotation" annotationid="India blocks over a hundred accounts linked to Vivo" comment="subhead" text="India blocks over a hundred accounts linked to Vivo">India blocks over a hundred accounts linked to Vivo</cmsannotation> As part of its investigation into money laundering violations, the ED has <a href="https://timesofindia.indiatimes.com/business/india-business/india-blocks-119-accounts-linked-to-chinas-vivo-in-money-laundering-probe/articleshow/92729778.cms">reportedly</a> blocked 119 bank accounts linked to Vivo. The accounts reportedly have over ₹465 crore. The agency has also seized ₹73 lakh in cash and 2kg gold. <cmsannotation type="cmsannotation" annotationid="China calls for a “fair and non-discriminatory business environment”" comment="subhead" text="China calls for a “fair and non-discriminatory business environment”">China calls for a “fair and non-discriminatory business environment”</cmsannotation> After the ED raided Vivo and its associates, a spokesperson from the Chinese embassy <a href="https://www.businessinsider.in/policy/economy/news/china-unhappy-with-vivo-raids-says-frequent-probes-chill-investor-confidence/articleshow/92715136.cms">called</a> for a “fair and non-discriminatory business environment” for Chinese firms in the country. "The Chinese government has always asked Chinese companies to comply with local laws and regulations in their overseas operations and will firmly support Chinese companies to maintain their legitimate rights and interests," Wang Xiaojian counselor and spokesperson, Chinese Embassy in India said in a statement. "The Indian side should act in line with laws and regulations and provide a fair and non-discriminatory business environment for Chinese firms," Xiaojian added. <cmsannotation type="cmsannotation" annotationid="India hits back, says Vivo needs to follow the law of the land" comment="subhead" text="India hits back, says Vivo needs to follow the law of the land">India hits back, says Vivo needs to follow the law of the land</cmsannotation> The Indian side has also hit back after the Chinese spokesperson called upon India to provide a non-discriminatory business environment. "Companies that operate here need to follow the law of the land. Our legal authorities are taking steps as per the law of the land. I don't see the case to make comments as such on it," Arindam Bagchi, spokesperson, ministry of external affairs said in a media briefing. SEE ALSO: <a href="https://www.businessinsider.in/tech/enterprise/news/chinese-smartphone-maker-huawei-comes-under-the-it-departments-scanner-over-tax-evasion/articleshow/92739828.cms">Chinese smartphone maker Huawei comes under the IT department’s scanner over tax evasion</a> <a href="https://www.businessinsider.in/business/news/exclusive-84-of-the-5551-27-crore-seized-from-xiaomi-india-were-remitted-to-qualcomm-group/articleshow/91560593.cms">EXCLUSIVE: 84% of the ₹5,551.27 crore of the alleged illegal remittance by Xiaomi India were to the Qualcomm Group</a> <a href="https://www.businessinsider.in/tech/enterprise/news/vivo-reportedly-transferred-nearly-8-billion-to-its-parent-company-in-china/articleshow/92726095.cms">Vivo reportedly transferred nearly $8 billion to its parent company in China</a>

Vivo's offices caught with 2 kilo gold bars after sending ₹62,000 crore back to China – all you need to know on the ED probe

<ul><li>The <keyword id="6357808" type="General" weightage="80" keywordseo="enforcement-directorate" source="Orion">Enforcement Directorate</keyword> (<keyword id="12163" type="General" weightage="20" keywordseo="ed" source="Orion">ED</keyword>) has reportedly raided 44 locations across the country.</li><li>The locations reportedly belong to Chinese smartphone maker <keyword id="215177" type="General" weightage="100" keywordseo="vivo" source="Orion">Vivo</keyword> and its related firms.</li><li>The financial watchdog is reportedly investigating violations of the Prevention of Money Laundering Act (PMLA).</li></ul>In a major crackdown on Chinese smartphone makers, India’s financial watchdog Enforcement Directorate (ED), has reportedly raided 44 locations across the country. The raids were conducted as part of its investigation into violations of the Prevention of Money Laundering Act (PMLA). The raids were reportedly conducted at places belonging to Chinese smartphone maker Vivo and its related firms. The raids are reportedly underway in Uttar Pradesh, Bihar, Madhya Pradesh, Punjab, Haryana, and several other states. It is unclear why the ED has raided Vivo or what evidence it has recovered so far from the raids. "Vivo is cooperating with the authorities to provide them with all required information. As a responsible corporate, we are committed to be fully compliant with laws," a Vivo spokesperson said in a statement to Business Insider India. Vivo is not the first Chinese smartphone maker under the ED’s scanner. Earlier this year, the ED had ordered a seizure of ₹5,551.27 crores from <keyword id="874458" type="General" weightage="80" keywordseo="xiaomi" source="Orion">Xiaomi</keyword> India, claiming that the company had illegally remitted ₹5,551.27 crores in February 2022. The company had later approached the Karnataka High Court, which had reserved its verdict. Xiaomi had <a href="https://www.businessinsider.in/business/news/exclusive-84-of-the-5551-27-crore-seized-from-xiaomi-india-were-remitted-to-qualcomm-group/articleshow/91560593.cms">claimed</a> that 84% of the amount mentioned above was remitted to Qualcomm as part of royalty payments. ED is not the only agency has is investigating Chinese smartphone makers. The Income Tax Department conducted <a href="https://www.businessinsider.in/finance/news/income-tax-department-raids-xiaomi-oppo-and-oneplus-offices-in-india/articleshow/88432807.cms">raids</a> across 15 locations of Xiaomi, Oppo, OnePlus, Dixon, and other companies in December 2021. SEE ALSO: <a href="https://www.businessinsider.in/business/news/exclusive-84-of-the-5551-27-crore-seized-from-xiaomi-india-were-remitted-to-qualcomm-group/articleshow/91560593.cms">EXCLUSIVE: 84% of the ₹5,551.27 crore of the alleged illegal remittance by Xiaomi India were to the Qualcomm Group</a> <a href="https://www.businessinsider.in/finance/news/income-tax-department-raids-xiaomi-oppo-and-oneplus-offices-in-india/articleshow/88432807.cms">Income Tax department reportedly raids Xiaomi, Oppo and OnePlus offices in India</a> <a href="https://www.businessinsider.in/india/news/chinese-state-media-says-indias-seizure-of-over-5500-crore-from-xiaomi-could-be-seen-as-a-crackdown-on-chinese-companies/articleshow/91434053.cms">Chinese state media says India's seizure of over ₹5,500 crore from Xiaomi could be seen as a crackdown on Chinese companies</a>

After Xiaomi, Vivo comes under the Enforcement Directorate’s scanner

<ul><li>The Delhi High Court has allowed <keyword id="215177" type="General" weightage="100" keywordseo="vivo" source="Orion">Vivo</keyword> to operate its bank accounts in the country.</li><li>The Enforcement Directorate had blocked Vivo’s 119 accounts as part of its investigation against Vivo.</li><li>The Delhi High Court has ordered Vivo to furnish a bank guarantee of ₹950 crore and maintain a bank balance of ₹251 crore.</li></ul>In a major relief to Chinese smartphone maker Vivo, the Delhi High Court has allowed the company to operate its bank accounts in the country. The Enforcement Directorate (ED), the country’s financial watchdog, had raided the premises of Vivo and its associates. The ED had claimed that Vivo had transferred ₹62,476 crore to its parent company in China over a five-year period to avoid paying taxes in the country. The agency had also accused the company of violating the Prevention of Money Laundering Act (PMLA). As part of its investigation, ED had <a href="https://www.businessinsider.in/tech/enterprise/news/vivo-allegedly-sent-62476-crore-to-china-to-evade-taxes-in-india-heres-everything-you-need-to-know/articleshow/92742439.cms">blocked</a> 119 accounts containing ₹465 crore. Soon after this, Vivo <a href="https://www.businessinsider.in/tech/enterprise/news/vivo-moves-delhi-hc-challenging-freezing-of-its-bank-accounts-by-ed/articleshow/92750274.cms">approached</a> the Delhi High Court, challenging the freezing of its bank accounts under PMLA. "Monthly payments of around ₹2,826 crore have to be made towards statutory dues, salaries, rent, and monies for daily business operations. Due to the freezing of the bank accounts, the petitioner will be unable to honor its aforesaid obligations not only towards various statutory authorities but also towards its employees and customers," Vivo had said in its petition. The Delhi High Court today <a href="https://twitter.com/PTI_News/status/1547117241476710405">allowed</a> Vivo to operate its bank accounts in the country and asked the company to furnish a bank guarantee of ₹950 crore. Further, the court also ordered the company to maintain a balance of ₹251 crore. SEE ALSO: <a href="https://www.businessinsider.in/tech/enterprise/news/vivo-allegedly-sent-62476-crore-to-china-to-evade-taxes-in-india-heres-everything-you-need-to-know/articleshow/92742439.cms">Vivo's offices caught with 2 kilo gold bars after sending ₹62,000 crore back to China – all you need to know on the ED probe</a> <a href="https://www.businessinsider.in/tech/enterprise/news/vivo-reportedly-transferred-nearly-8-billion-to-its-parent-company-in-china/articleshow/92726095.cms">Vivo reportedly transferred nearly $8 billion to its parent company in China</a> <a href="https://www.businessinsider.in/tech/enterprise/news/chinese-smartphone-maker-huawei-comes-under-the-it-departments-scanner-over-tax-evasion/articleshow/92739828.cms">Chinese smartphone maker Huawei comes under the IT department’s scanner over tax evasion</a>

Delhi High Court allows Vivo to operate its bank accounts if it’s ready to furnish a ₹950 crore bank guarantee

In its first ever raids in the Union Territory of <keyword id="19905190" type="General" weightage="20" keywordseo="Ladakh" source="keywords">Ladakh</keyword>, the <keyword id="19895344" type="General" weightage="20" keywordseo="Enforcement-Directorate" source="keywords" meta.keywordsubtype="org" meta.entityname="Enforcement Directorate" meta.hostid="261" meta.entityid="Enforcement Directorate">Enforcement Directorate</keyword> on Friday conducted searches as part of its <keyword id="19899231" type="General" weightage="20" keywordseo="money-laundering" source="keywords">money laundering</keyword> probe linked to a cryptocurrency fraud case in which investors lost more than Rs 7 crore worth of deposits, officials said. The agency's zonal office here raided at least six premises in Leh town of Ladakh, Jammu in J-K and Sonipat in Haryana in the case against A R Mir and others. It is alleged that 2,508 investors deposited more than Rs 7.34 crore in a fake cryptocurrency business in the name of "<keyword id="22638371" type="General" weightage="20" keywordseo="Emollient-Coin-Limited" source="keywords" meta.keywordsubtype="org" meta.entityname="Emollient Coin Limited" meta.hostid="261" meta.entityid="Emollient Coin Limited">Emollient Coin Limited</keyword>". They, however, did not get any returns or currency back, and these funds were laundered by the business' promoters to purchase land assets in Jammu. The money laundering case stems from a March 2020 FIR registered in Leh and some other complaints filed in the Union Territory (UT) of Jammu and Kashmir (J-K) against Mir and Ajay Kumar Choudhary. Police in Leh in their FIR stated that an inquiry was conducted by a committee formed by the local district magistrate against Mir and his agents who were running the "fake" cryptocurrency business (Emollient Coin Limited) from a office located at the Anjuman Moin-Ul-complex, opposite SNM Hospital, in Leh. The committee sealed this office during inquiry on charges of "cheating many innocent individuals by assuring them to double their investment", according to the FIR. The accused lured people of the UT of Ladakh and some other places to purchase "Emollient Coin" using cash or transferring money into bank accounts, according to Enforcement Directorate (ED) officials. The depositors were also duped in the name of "Bitcoins" with the assurance of returns up to 40 per cent with a lock-in period of 10 months, the probe agency said. Investors were dished out a commission of up to seven per cent of the investment made by the people on their reference in the business, thereby forming a multi-level marketing chain, the ED found. A total of 2,508 people invested Rs 7,34,36,267 in the investment plan offered by Mir and the company (Emollient) floated by him that was incorporated in September 2017 and had its registered office in London. A man, Henry Maxwell, living in the UK capital, was its director. The company had two promoters in India -- Naresh Gullia and Channi Singh. The company was "deliberately" dissolved in March 2019, and Mir along with Choudhary launched a real estate business and acquired lands in Jammu from the funds generated by the fake cryptocurrency trade, according to the ED. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank">Ola Electric IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank">Nothing Phone (2a) Plus with Dimensity 7350 Pro chipset launched in India starting at ₹29,999</a><a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank">Indian smartphone shipments decline by 2% in Q2 2024, Xiaomi retakes the throne</a>

ED undertakes first-ever searches in Ladakh in crypto fraud case

As the <keyword id="6357808" type="General" weightage="50" keywordseo="enforcement-directorate" source="Orion">Enforcement Directorate</keyword> (ED) continued searches at the premises of <keyword id="36918" type="General" weightage="20" keywordseo="chinese" source="Orion">Chinese</keyword> companies, including smartphone maker <keyword id="215177" type="General" weightage="100" keywordseo="vivo" source="Orion">Vivo</keyword>, at 44 locations in 22 states on Wednesday, the directors of one of the companies associated with Vivo have fled <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>. According to sources, two of the Chinese directors of Solan, Himachal Pradesh-based company, that was associated with Vivo, have likely fled India, as ED registered a prevention of <keyword id="6355008" type="General" weightage="20" keywordseo="money-laundering" source="Orion">money laundering</keyword> case. The Chinese nationals were made directors in the Indian entities with fake documents. The enforcement agency has so far received information about money laundering worth Rs 10,000 crore during the raids, according to ED sources. More details will emerge later in the case, the sources added. The <keyword id="6354572" type="General" weightage="50" keywordseo="cbi" source="Orion">CBI</keyword> has also been probing the case and lodged a separate first information report. In a statement to IANS, Vivo had said that it is cooperating with the authorities to provide them with all required information. "As a responsible corporate, we are committed to be fully compliant with laws," a company spokesperson said. In April, the ED seized Rs 5,551.27 crore of <keyword id="6187302" type="General" weightage="50" keywordseo="xiaomi-technology-india-private-ltd" source="Orion">Xiaomi Technology India Private Ltd</keyword> lying in the bank accounts under the provisions of <keyword id="88944" type="General" weightage="50" keywordseo="foreign-exchange-management-act" source="Orion">Foreign Exchange Management Act</keyword> (<keyword id="6379062" type="General" weightage="50" keywordseo="fema" source="Orion">FEMA</keyword>) connection with the illegal outward remittances made by the company. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tcs-to-flag-off-the-earnings-season-heres-what-to-expect/articleshow/92713823.cms">TCS to flag off the earnings season — here’s what to expect</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-reduces-booster-gap-as-fewer-people-are-lining-up-for-the-precautionary-dose/articleshow/92703544.cms">India reduces booster gap as fewer people are lining up for the precautionary dose</a>

Vivo ED raids: Two Chinese directors of a related company flee

<ul><li>Finance Minister Nirmala <keyword id="679937" type="General" weightage="100" keywordseo="sitharaman" source="Orion">Sitharaman</keyword> has revealed that the government is investigating multiple Chinese smartphone makers for tax evasion.</li><li><keyword id="874458" type="General" weightage="20" keywordseo="Xiaomi" source="Orion">Xiaomi</keyword>, <keyword id="1731609" type="General" weightage="20" keywordseo="oppo" source="Orion">Oppo</keyword>, and Vivo have come under the scanner of Indian agencies.</li><li>Here’s everything you need to know about the allegations against Chinese smartphone makers.</li></ul>Chinese smartphone makers occupy a huge share of the Indian market, and companies like Xiaomi, Oppo, and Vivo are among the leading smartphone makers in the country. Over the past few months, Chinese smartphone makers have come under the scanner of the country’s financial watchdog, the Enforcement Directorate (ED), and other agencies. Finance Minister Nirmala Sitharaman has confirmed that the government is investigating Xiaomi, Oppo, and Vivo. This was in response to a question raised by the Bharatiya Janata Party’s Sushil Modi in the Rajya Sabha. <cmsannotation type="cmsannotation" annotationid="Oppo" comment="subhead" text="Oppo">Oppo</cmsannotation> Oppo had come under the <a href="https://www.businessinsider.in/tech/enterprise/news/oppo-comes-under-dri-scanner-for-alleged-customs-duty-evasion-of-4389-crore/articleshow/92848544.cms">scanner</a> of the Directorate of Revenue Intelligence (DRI), the country’s apex anti-smuggling agency for customs duty evasion. "The Department of Revenue Intelligence (DRI) has issued notice to Oppo, the mobile company, for a total customs duty of ₹4,389 crore, and these are on the grounds of misdeclaration of certain goods, leading to a short payment in customs duty. That duty evasion, we think, is about ₹2,981 crores," Finance Minister Nirmala Sitharaman said in the Rajya Sabha. In addition, the government has also claimed that Oppo has under-valued certain imported goods, for which it is liable to pay an additional ₹1,408 core, taking its total liability to ₹4,389 core. "As regards the under-valuation of imported goods for the purpose of payments of customs duty, that we think is an evasion of ₹1,408 crore. So, that is for Oppo. Voluntarily, they have come about to deposit ₹450 crore, much against the total that is running in ₹4,389 crore. That is the demand. They have given only ₹450 crore," Sitharaman added. This means Oppo is still liable to pay ₹3,939 core. In an earlier statement to Business Insider India, Oppo revealed that the company has a different view on the allegations and will work with the government to solve the issue. <cmsannotation type="cmsannotation" annotationid="Xiaomi" comment="subhead" text="Xiaomi">Xiaomi</cmsannotation> Xiaomi India has also been under the scanner of the ED for quite some time. The agency earlier <a href="https://www.businessinsider.in/business/corporates/news/xiaomis-manu-kumar-jain-has-been-reportedly-summoned-by-the-enforcement-directorate/articleshow/90803402.cms">summoned</a> the company’s former India managing director Manu Kumar Jain. Speaking about Xiaomi, Sitharaman added, “Three showcause notices have been issued to them, and their approximate duty liability is about ₹653 crore. For the three show-cause notices which have been issued, they have deposited only ₹46 lakh.” The ED had claimed that Xiaomi India had illegally remitted ₹5,551.27 crore to three foreign entities. Xiaomi had claimed that this amount was actually paid for royalties. A source had earlier <a href="https://www.businessinsider.in/business/news/exclusive-84-of-the-5551-27-crore-seized-from-xiaomi-india-were-remitted-to-qualcomm-group/articleshow/91560593.cms">revealed</a> to Business Insider India that over 80% of these remittances were made to the Qualcomm Group. <cmsannotation type="cmsannotation" annotationid="Vivo" comment="subhead" text="Vivo">Vivo</cmsannotation> Vivo came under the scanner of the ED in July 2022 after the agency raided 44 locations belonging to the company and its associates. The ED had claimed that Vivo had transferred nearly $8 billion to its parent company in China over five years to evade taxes. “The third company is Vivo India, for whom also there is a demand notice given for ₹2,217 crore, against which they have deposited ₹60 crore as a voluntary deposit. Of ₹1,25,000 crore, which is the total sale, Vivo has transferred through these 18 companies a huge amount of funds, and it is believed that Vivo India has, in turn, remitted ₹62,000 crores to its parent company, which is outside India," Sitharaman added. The above numbers reveal that Vivo transferred nearly a half of its revenue to its parent company in China. The investigations began after the Income Tax department <a href="https://www.businessinsider.in/finance/news/income-tax-department-raids-xiaomi-oppo-and-oneplus-offices-in-india/articleshow/88432807.cms">conducted</a> a massive raid in December 2021 at 15 locations of several companies such as Oppo, Xiaomi and OnePlus. SEE ALSO: <a href="https://www.businessinsider.in/tech/enterprise/news/vivo-allegedly-sent-62476-crore-to-china-to-evade-taxes-in-india-heres-everything-you-need-to-know/articleshow/92742439.cms">Vivo's offices caught with 2 kilo gold bars after sending ₹62,000 crore back to China – all you need to know on the ED probe</a> <a href="https://www.businessinsider.in/tech/enterprise/news/oppo-comes-under-dri-scanner-for-alleged-customs-duty-evasion-of-4389-crore/articleshow/92848544.cms">Oppo comes under DRI scanner for alleged customs duty evasion of ₹4,389 crore</a> <a href="https://www.businessinsider.in/business/news/exclusive-84-of-the-5551-27-crore-seized-from-xiaomi-india-were-remitted-to-qualcomm-group/articleshow/91560593.cms">EXCLUSIVE: 84% of the ₹5,551.27 crore of the alleged illegal remittance by Xiaomi India were to the Qualcomm Group</a>

Finance Minister Nirmala Sitharaman reveals government is investigating multiple Chinese smartphone makers for tax evasion

The <keyword id="6374106" type="General" weightage="50" keywordseo="ministry-of-external-affairs" source="Orion">Ministry of External Affairs</keyword> (<keyword id="6358274" type="General" weightage="80" keywordseo="mea" source="Orion">MEA</keyword>) on Thursday said the companies that operate in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> need to follow the law of the land. The remark was made by an MEA spokesperson in connection with the ongoing investigation related to Vivo and other Chinese firms. "Companies that operate here need to follow the law of the land. Our legal authorities are taking steps as per law of the land. I don't see the case to make comments as such on it," MEA spokesperson <keyword id="10953867" type="General" weightage="80" keywordseo="arindam-bagchi" source="Orion">Arindam Bagchi</keyword> in a media briefing. Meanwhile, a day after it was report<keyword id="12163" type="General" weightage="20" keywordseo="ED" source="Orion">ed</keyword> that two top executives of its associated company likely fled India, following raids, the ED on Thursday said that Chinese smartphone company Vivo was involved in huge 'hawala' transactions. It said that out of the total sale proceeds of Rs 1,25,185 crore, <keyword id="2829414" type="General" weightage="80" keywordseo="vivo-india" source="Orion">Vivo India</keyword> remitted Rs 62,476 crore -- almost 50 per cent of the turnover out of India, mainly to China. According to the ED, all due procedures as per law were followed during the said operations at each premises but employees of Vivo India, including some Chinese nationals did not cooperate with the search proceedings and had tried to abscond, remove and hide digital devices which were retrieved by the search teams. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/rakesh-jhunjhunwala-backed-aksa-air-to-start-operations-this-month/articleshow/92738021.cms">Rakesh Jhunjhunwala-backed Aksa Air to start operations this month</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/voice-tech-is-evolving-rapidly-here-are-the-top-trends-in-voice-tech-to-watch-for/articleshow/92727686.cms">Voice tech is evolving rapidly. Here are the top trends in voice tech to watch for</a>

Vivo needs to follow the law of the land, says external affairs ministry

<ul><li><keyword id="6359140" type="General" weightage="100" keywordseo="binance" source="Orion">Binance</keyword> will cease to support off-chain fund transfers between WazirX Exchange and Binance via the "Login with Binance" option. </li><li>Post raid by ED on WazirX’s parent company <keyword id="12851812" type="General" weightage="50" keywordseo="zanmai-labs" source="Orion">Zanmai Labs</keyword>, CEO of Binance denied any ownership in the company. </li><li>WazirX is the largest <keyword id="2721952" type="General" weightage="50" keywordseo="crypto" source="Orion">crypto</keyword> exchange in India and its annual trading volume exceeded $43 billion in 2021. </li></ul>The world's largest crypto exchange Binance, which disowned the Nischal Shetty-run crypto platform WazirX, on Monday said that it is removing the off-chain fund transfer channel between WazirX and Binance. The crypto platform will cease to support off-chain fund transfers between WazirX Exchange and Binance via the "Login with Binance" option, <keyword id="3415524" type="General" weightage="50" keywordseo="patrick-hillmann" source="Orion">Patrick Hillmann</keyword>, Chief Communications Officer, Binance, said in a statement. "Users will still be able to deposit and withdraw balances via the standard withdrawal and deposit process between Binance and WazirX," he said. Last week, after the <keyword id="6357808" type="General" weightage="50" keywordseo="enforcement-directorate" source="Orion">Enforcement Directorate</keyword> (ED) raids on WazirX's parent company Zanmai Lab, <keyword id="6222251" type="General" weightage="50" keywordseo="changpeng-zhao" source="Orion">Changpeng Zhao</keyword>, Founder and CEO of Binance, had said that the company does not own any equity in Zanmai Labs, the entity operating WazirX and established by the original founders. The ED searched the director of WazirX cryptocurrency and froze its bank assets worth ₹64.67 crore "for assisting accused instant loan App companies in laundering of fraud money via purchase and transfer of virtual crypto assets". Referring to Zanmai Labs, Hillmann said, "In relation to their operations of the WazirX Exchange, it has come to our attention that some users were given to believe that funds deposited in WazirX were managed by Binance. This is not the case". Moving forward, Binance will support Indian regulators in the ongoing matters concerning WazirX. WazirX is the largest crypto exchange in India and its annual trading volume exceeded $43 billion in 2021. Shetty, co-founder of WazirX, disputed Binance's claims in a series of tweets last week. "More facts about WazirX: Binance owns WazirX domain name, Binance has root access to AWS servers, Binance has all the Crypto assets, Binance has all the Crypto profits. Don't confuse Zanmai and WazirX", he had tweeted. On November 21, 2019, Binance said it had "acquired" WazirX. "This transaction was never completed. Binance has never - at any point - owned any shares of Zanmai Labs, the entity operating WazirX," according to Zhao.

Binance ceases off-chain fund transfer with WazirX after ED raids

<ul class="summary-list"><li>The <keyword id="11964162" type="UNKNOWN" weightage="60" keywordseo="fbi" source="Orion">FBI</keyword> raided the headquarters of the New York City Sergeants Benevolent Association (SBA) on Tuesday.</li><li>A DOJ spokesman confirmed that a law enforcement action happened there, but didn't provide details.</li><li>The SBA president resigned after his home was also searched by agents.</li></ul>The president of the New York City Sergeants Benevolent Association, a police union that represents about 13,000 current and former police sergeants, resigned from his post on Tuesday after the FBI raided his home and the union office.The purpose of the FBI investigation is unclear, and the agency didn't immediately return Insider's request for comment on Tuesday. A spokesman for the U.S. Attorney's Office for Southern District of New York confirmed to Insider that "a law enforcement action" was conducted at the union office but declined to comment further. The SBA is the fifth largest police union in the country, <a href="https://private.sbanypd.nyc/public/">according to its website,</a> and as its president <keyword id="12250930" type="UNKNOWN" weightage="60" keywordseo="ed-mullins" source="Orion">Ed Mullins</keyword> became well-known for his attack-dog language targeting New York City Mayor Bill de Blasio. <a href="https://newyork.cbslocal.com/2021/10/06/fbi-raids-sba-office/">CBS New York reported</a> that Mullins agreed to step down from his position after the board asked for his resignation.Mullin's office didn't immediately return Insider's request for comment.As of Tuesday afternoon, nobody was arrested as a result of the raids. The former union leader had recently been disciplined by the <keyword id="12069560" type="UNKNOWN" weightage="60" keywordseo="nypd" source="Orion">NYPD</keyword> for sharing a police report on social media that documented the arrest of the mayor's daughter, Chiara, during protests in the city, according to <a href="https://www.nytimes.com/2021/10/05/nyregion/fbi-raid-sergeants-benevolent-association-nypd.html" target="_blank" rel="noopener noreferrer">The New York Times</a>.Mullins also made national headlines in July 2020 when he appeared on Fox <keyword id="11893589" type="UNKNOWN" weightage="100" keywordseo="news" source="Orion">News</keyword> with a <a href="https://www.businessinsider.com/nypd-sergeants-union-chief-appeared-on-fox-news-with-a-qanon-mug-2020-7">QAnon mug behind him.</a> QAnon is a far-right leaning conspiracy theory that supports the bogus claim that the 2020 election was rigged against former president Donald Trump.

You Searched For "ed raids on vivo office" and got 11 results

Tata Group reportedly looking to acquire a majority stake in Vivo India

Sourabh Jain

Vivo reportedly transferred nearly $8 billion to its parent company in China

Sourabh Jain

Vivo's offices caught with 2 kilo gold bars after sending ₹62,000 crore back to China – all you need to know on the ED probe

Sourabh Jain

After Xiaomi, Vivo comes under the Enforcement Directorate’s scanner

Sourabh Jain

Delhi High Court allows Vivo to operate its bank accounts if it’s ready to furnish a ₹950 crore bank guarantee

Sourabh Jain

ED undertakes first-ever searches in Ladakh in crypto fraud case

PTI

Vivo ED raids: Two Chinese directors of a related company flee

IANS

Finance Minister Nirmala Sitharaman reveals government is investigating multiple Chinese smartphone makers for tax evasion

Sourabh Jain

Vivo needs to follow the law of the land, says external affairs ministry

IANS

Binance ceases off-chain fund transfer with WazirX after ED raids

IANS

NYPD sergeants' union president resigns after FBI raids his home and union headquarters

Haven Orecchio-Egresitz

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