After Xiaomi, Vivo comes under the Enforcement Directorate’s scanner
Enforcement Directorate( ED) has reportedly raided 44 locations across the country.
- The locations reportedly belong to Chinese smartphone maker
Vivoand its related firms.
- The financial watchdog is reportedly investigating violations of the Prevention of Money Laundering Act (PMLA).
AdvertisementIn 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
Xiaomi had claimed 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 raids across 15 locations of Xiaomi, Oppo, OnePlus, Dixon, and other companies in December 2021.
EXCLUSIVE: 84% of the ₹5,551.27 crore of the alleged illegal remittance by Xiaomi India were to the Qualcomm Group
Income Tax department reportedly raids Xiaomi, Oppo and OnePlus offices in India
Chinese state media says India's seizure of over ₹5,500 crore from Xiaomi could be seen as a crackdown on Chinese companies
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