Two Vivo directors have fled India amid the ongoing investigation in the money laundering case. According to news agency ANI, Vivo directors Zhengshen Ou and Zhang Ji fled India after the ED intensified its money laundering probe against the Chinese firm. Sources said the ED on Tuesday (July 5, 2022) had conducted raids at 44 places across the country in connection with the money laundering probe against Vivo and related firms.
The Enforcement Directorate (ED) on Tuesday conducted searches at 44 places in Uttar Pradesh, Madhya Pradesh and some southern states in connection with the case related to the sugar firm. Sources said that several ED teams had started raids since morning. The matter is already being investigated by the Central Bureau of Investigation (CBI).
Let us tell you that in Delhi also the office of Chinese mobile maker VV was raided by the ED. Here the team questioned the officers and employees for about seven hours. Along with this, many important documents from the office were also taken over by the ED team.
Let us inform that in the past, the Enforcement Directorate had attached assets worth more than 5 thousand crore rupees of Xiaomi company. In this sequence, now Vivo is also accused of huge wrongdoings. It is being told that Vivo company has misappropriated thousands of crores of rupees.
Along with the IT department, the Ministry of Corporate Affairs is also keeping a close watch on Chinese manufacturing firms. This raid by ED is an extension of investigation against Chinese companies.
The ED conducted these raids in connection with the violation of the Prevention of Money Laundering Act (PMLA). The local units of Vivo Mobile Communications are on the radar for alleged financial irregularities under investigation by other Chinese firms, sources said.
The Ministry of Corporate Affairs is known to pay special attention to potential breaches including frauds. In Vivo’s case, an inquiry was sought in April this year to find out whether there had been “significant irregularities in ownership and financial reporting”.