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Business News/ News / India/  ED conducts raids against Vivo, related companies in money laundering probe 
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ED conducts raids against Vivo, related companies in money laundering probe 

ED conducts raids against Vivo, related companies in money laundering probe

FILE PHOTO: A scooterist rides past a shopping complex with the billboard of Chinese smartphone maker Vivo in Ahmedabad, India, (REUTERS)Premium
FILE PHOTO: A scooterist rides past a shopping complex with the billboard of Chinese smartphone maker Vivo in Ahmedabad, India, (REUTERS)

The Enforcement Directorate is conducting searches at 44 places across the country in a money-laundering investigation against Chinese smartphone manufacturing company Vivo and related firms, officials said.

The searches are being carried out under sections of the Prevention of Money Laundering Act (PMLA). The agency is conducting searches at 44 places related to Vivo and associated companies, they said. 

Meanwhile, on April 30 ED officials had seized 5,551.27 crore from Xiaomi India in connection with illegal outward remittances made by the company.The seizure was made from the company's bank accounts under provisions of the Foreign Exchange Management Act (FEMA).

The investigation into the alleged illegal remittances was initiated in February this year. ED claimed, "the company has remitted foreign currency equivalent to 5551.27 crore to three foreign based entities which include one Xiaomi group entity in the guise of royalty."

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Published: 05 Jul 2022, 12:07 PM IST
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