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ED raids on Vivo: Chinese smartphone maker remitted 50% of turnover to China
The ED said that the Indian arm of Chinese smartphone maker Vivo `remitted` almost 50 per cent of its turnover, which is Rs 62,476 crore.
Highlights
- ED has seized funds worth Rs 465 crore kept in 119 bank accounts by various entities.
- It said an ex-director of Vivo, Bin Lou, left India in 2018 after incorporating a number of companies.
New Delhi: The ED on Thursday said the Indian arm of Chinese smartphone maker Vivo "remitted" almost 50 per cent of its turnover, which is Rs 62,476 crore, mainly to China in order to avoid paying taxes here. The federal probe agency also said it has seized funds worth Rs 465 crore kept in 119 bank accounts by various entities, Rs 73 lakh cash and 2 kg gold bars after its pan-India raids that were launched early this week on July 5 against Vivo Mobile India Pvt. Ltd. And its 23 associated companies.
It said an ex-director of Vivo, Bin Lou, left India in 2018 after incorporating a number of companies that are now under its scanner. (ALSO READ: Markets gain for 2nd day; Sensex, Nifty climb nearly 1%)
It alleged that "employees of Vivo India, including some Chinese nationals, did not cooperate with the search proceedings and tried to abscond, remove and hide digital devices which were retrieved by the search teams." (ALSO READ: Zomato order costs more than dine-in or take away? Firm responds)