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<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>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="2008319" type="General" weightage="100" keywordseo="upgrad" source="Orion">upGrad</keyword> commits to ‘fast-forward your career’ in its latest Ad film; Launches its biggest campaign to date.</li><li>Inspired by the real-life testimonials from upGrad learners, the campaign has been conceptualised by <keyword id="3219015" type="General" weightage="20" keywordseo="the-womb" source="Orion">The Womb</keyword>, directed by celebrated ad and feature filmmaker <keyword id="1612592" type="General" weightage="20" keywordseo="vinil-mathew" source="Orion">Vinil Mathew</keyword> of <keyword id="3006929" type="General" weightage="20" keywordseo="breathless-films" source="Orion">Breathless Films</keyword>. </li></ul>Taking ahead the brand's mission of driving meaningful career outcomes for its learners, upGrad, Asia’s higher Edtech leader, unveils its new campaign, ‘Fast Forward Your Career with online courses from upGrad’. Conceptualised in partnership with The Womb, the campaign is inspired by numerous emails and messages the brand has received from its alumni who have successfully received double promotions, higher pay grades, and job placements at 1000+ companies and MNCs across the globe after pursuing their online courses. upGrad has helped its learners skip many rungs on the career ladder, thereby speeding up the growth process. The commercial dramatises a similar career journey which will re-ignite viewers’ ambition of achieving meaningful professional growth. <div type="Youtube" id="BGH6jcHJo10" title="Fast Forward Your Career with upGrad. #FFwithupGrad" thumbUrl="https://i.ytimg.com/vi/BGH6jcHJo10/mqdefault.jpg"></div> <div type="Youtube" id="IDjxHUitdAU" title="Top Universities with upGrad #FFwithupGrad" thumbUrl="https://i.ytimg.com/vi/IDjxHUitdAU/mqdefault.jpg"></div> <div type="Youtube" id="6AjaVSjVfDc" title="Top Faculty with upGrad #FFwithupGrad" thumbUrl="https://i.ytimg.com/vi/6AjaVSjVfDc/mqdefault.jpg"></div> Commenting on the launch of the new campaign, Arjun Mohan, CEO-India, upGrad said, “At upGrad, our core belief has been to offer the working professional community best-in-class opportunities with regards to universities, faculty, and placements since both career growth &amp; success depend on these tenets. The campaign aims to bring out this differentiated positioning of the brand in the higher EdTech industry. While our past campaigns have helped us create significant awareness and establish upGrad as an online higher education leader, we now wish to push the envelope further and build preference for the brand, especially among a large set of ambitious working professionals who are looking for meaningful career growth, faster.” Navin Talreja, Co-founder, The Womb, further added, “After landing a job, many working professionals find themselves stuck in the same job role without any growth and not much of a salary hike. While the want to study is present, their fear of losing regular income, and the insecurity of perhaps not landing a good job makes them believe that a linear growth cycle in sub-optimal positions or organisations is their only option. This campaign seeks to shake these working professionals out of their career inertia and position upGrad as a viable option that facilitates strong career outcomes in a contemporary, relatable, and engaging manner.” “The films have a relatable, slice-of-life quality with an interesting blend of tongue-in-cheek humor and the fuzzy warmth of friendship. It was an absolute joyride to collaborate with the super creative team at The Womb and a progressive client like upGrad.”, said Vinil Mathew, the director of the film. With over two decades of experience and 250 commercials later, Vinil stepped into Bollywood to direct the critically acclaimed romantic comedy, Hasee Toh Phasee and his latest crime thriller, Haseen Dillruba, which was recently released on Netflix. After a break of almost 2 years from ad commercials, he is back with the endearing campaign for upGrad – which is the brand’s biggest campaign to date. Launching with VIVO IPL 2021, the campaign will be heavily promoted across TV and Digital. The brand has partnered with a host of content creators and influencers who will be joining its war cry of fast forwarding careers in the competitive world of today. Furthermore, adding a more regional flavor to the campaign, the ad films will also run across media channels in several Indian languages including Hindi, Tamil, Telugu, Marathi, Bengali and Kannada alongside English to connect with the regional audience.

upGrad's latest ad seeks to shake working professionals out of their career inertia and position itself as a viable option

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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

Sourabh Jain

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

Sourabh Jain

upGrad's latest ad seeks to shake working professionals out of their career inertia and position itself as a viable option

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