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    ED raids Vivo premises amid money laundering allegations

    Synopsis

    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.

    Vivo Plans to Invest ₹1,600cr More by ’23Agencies
    New Delhi: The Directorate of Enforcement is investigating Chinese mobile manufacturer Vivo and its sister concerns in a money laundering case, sources in the agency said.

    The enforcement directorate has raided 44 locations across North India under the provisions of the prevention of money laundering act (PMLA). Sources said the company was under investigation by the Central Bureau of Investigation, and was later passed on to the ED for alleged PMLA violations.

    "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 told ET.

    The Chinese company's distributor in Jammu and Kashmir had earlier come under the scanner of enforcement agencies after the government found that at least two Chinese shareholders in the company had submitted forged documents and false Indian addresses. The case was taken up by the economic offences wing of the Delhi Police.

    The development comes amidst government action against Chinese smartphone brands over the last two years.

    Earlier, the ED had passed an order freezing Xiaomi India's bank assets worth over Rs 5500 crores. Smartphone market leader, Xiaomi has filed a writ petition challenging the ED order, and the judgement of the case is set to be passed today at the Karnataka High Court.


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