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The Enforcement Directorate filed its first charge sheet in connection with its money laundering probe against Chinese smartphone maker Vivo-India and some others, official sources said on Thursday. The prosecution complaint has been filed before a special court here on Wednesday under the criminal sections of the Prevention of Money Laundering Act and vivo-India has been named an accused apart from those arrested in this case, the sources told PTI. The federal probe agency arrested four persons, including the MD of the Lava International mobile company Hari Om Rai, in this investigation. The others who were taken into custody were Chinese national Guangwen alias Andrew Kuang, Chartered Accountants Nitin Garg and Rajan Malik. The ED had then claimed in its remand papers before a local court here that the alleged activities of the four enabled vivo-India to make wrongful gains that were detrimental to the economic sovereignty of India. It had raided vivo-India and its linked persons in July last year, claiming to have busted a major money laundering racket involving Chinese nationals and multiple Indian companies. The ED had then alleged that a whopping Rs 62,476 crore was "illegally" transferred by vivo-India to China to avoid payment of taxes in India. The company had said that it "firmly adheres to its ethical principles and remains dedicated to legal compliance." Rai had recently told a court here that though his company and vivo-India were in talks to launch a joint venture in India a decade ago, he had nothing to do with the Chinese firm or its representatives since 2014. "He has not derived any monetary benefit, nor has he engaged in any transaction with vivo-India or any entity allegedly related to vivo, let alone having been associated with any alleged 'proceeds of crime'," Rai's lawyer told the court. The agency filed an enforcement case information report (ECIR), the ED equivalent of a police FIR, on February 3 after studying a Delhi Police FIR of December last year against an associated company of vivo-India, Grand Prospect International Communication Pvt Ltd (GPICPL), its directors, shareholders and some others professionals. The police complaint was filed by the Corporate Affairs Ministry alleging that GPICPL and its shareholders used "forged" identification documents and "falsified" addresses at the time of incorporation of the company in December 2014.

ED files first charge sheet against Chinese smartphone maker Vivo-India, others

<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>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

<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

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

As the Enforcement Directorate (ED) continued searches at the premises of Chinese companies in a money laundering case, <keyword id="11213368" type="General" weightage="80" keywordseo="wang-xiaojian" source="Orion">Wang Xiaojian</keyword>, counsellor and spokesperson from the <keyword id="159857" type="General" weightage="80" keywordseo="chinese-embassy" source="Orion">Chinese Embassy</keyword> in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>, said the frequent investigations by Indian authorities into Chinese enterprises "chill the confidence and willingness of market entities from other countries, including those from <keyword id="1334" type="General" weightage="50" keywordseo="china" source="Orion">China</keyword> to invest in India". Xiaojian said that the essence of China-India economic and trade cooperation is based on mutual benefit and win-win results. "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," Zhao said in a statement late on Wednesday. "The Indian side should act in line with laws and regulations, and provide a fair and non-discriminatory business environment for Chinese firms," he added. As the ED raided 44 locations in 22 states on Tuesday and Wednesday, the directors of some of the companies associated with Vivo fled India. According to sources, two of the Chinese directors of Solan, a Himachal Pradesh-based company, that was associated with Vivo, have likely fled India, as ED registered a prevention of money laundering 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. The Chinese embassy spokesperson said that the "frequent investigations by Indian authorities into Chinese enterprises not only disrupt normal business activities and damage the goodwill, but also impede the improvement of business environment in India". The CBI has also been probing the case and lodged a separate FIR. Vivo earlier 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 Xiaomi Technology India Private Ltd 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> (FEMA) 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/business/news/stopped-russian-imports-in-april-says-essar-oil/articleshow/92714422.cms">Stopped Russian imports in April says Essar Oil</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/space/news/elon-musk-is-confident-that-humanity-will-reach-mars-in-our-lifetime/articleshow/92714414.cms">Elon Musk is confident that humanity will reach Mars in our lifetime</a>

China unhappy with Vivo raids, says frequent probes 'chill' investor confidence

Chinese smartphones continue to lead the market share despite crackdown by the Indian government

<ul><li><keyword id="874458" type="General" weightage="100" keywordseo="xiaomi" source="Orion">Xiaomi</keyword> is reportedly being investigated by the Enforcement Directorate (ED).</li><li>The ED is investigating the company’s compliance with the country’s foreign exchange laws.</li><li><keyword id="1677962" type="General" weightage="20" keywordseo="manu-kumar-jain" source="Orion">Manu Kumar Jain</keyword>, the former managing director of Xiaomi India has reportedly been summoned.</li></ul>Xiaomi has once again come under the scanner in India and the company’s former India managing director and current global vice president, Manu Kumar Jain has been reportedly summoned by the Enforcement Directorate (ED). According to a Reuters <a href="https://www.reuters.com/business/media-telecom/exclusive-india-agency-summons-former-xiaomi-head-investigation-sources-2022-04-12/">report</a>, the financial agency is currently investigating whether the company’s business practices conform with India’s foreign exchange laws. The above report, citing two sources familiar with the investigation, revealed that the company has been under investigation since February. The report further added that Jain was recently summoned by the ED to appear before its officers. The source added that Jain, who is based in Dubai, was recently in India, however, the purpose of his visit was not known. “Xiaomi is a law-abiding and responsible company. We give paramount importance to the laws of the land. We are fully compliant with all the regulations and are confident of the same. We are cooperating with authorities with their ongoing investigation to ensure they have all the requisite information,” a Xiaomi spokesperson said in a statement to Business Insider. <cmsannotation type="cmsannotation" annotationid="Not the first time Xiaomi has come under scrutiny in India" comment="subhead" text="Not the first time Xiaomi has come under scrutiny in India">Not the first time Xiaomi has come under scrutiny in India</cmsannotation> This is not the first time that the Chinese smartphone maker has come under scrutiny. It was also under investigation by the Income Tax department and <a href="https://www.businessinsider.in/finance/news/income-tax-department-raids-xiaomi-oppo-and-oneplus-offices-in-india/articleshow/88432807.cms">raids</a> were conducted at some of its premises, along with other companies like Oppo and OnePlus. The ED is reportedly investigating the company’s existing business structure between Xiaomi India, its manufacturers and its parent company in China. More particularly, the investigation is regarding the flow of funds between Xiaomi India and its parent, based in China. SEE ALSO: <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/tech/mobile/news/vivo-x-fold-foldable-new-smartphone-launched/articleshow/90802333.cms">Vivo X Fold launched - Samsung gets a powerful rival in the foldable segment</a> <a href="https://www.businessinsider.in/tech/news/new-android-malware-silently-take-control-of-your-phone/articleshow/90799603.cms">This new Android malware sits silently on your phone to remotely take control of your device</a>

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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

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

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

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

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China unhappy with Vivo raids, says frequent probes 'chill' investor confidence

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Chinese smartphones continue to lead the market share despite crackdown by the Indian government

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Xiaomi’s Manu Kumar Jain has been reportedly summoned by the Enforcement Directorate

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