ED arrests 4 persons in PMLA case against Chinese smartphone company Vivo
Enforcement Directorate arrests 4 persons in PMLA case against Chinese phone-maker Vivo
The Enforcement Directorate (ED) has on Tuesday taken into custody four individuals as part of its investigation into a Prevention of Money Laundering Act (PMLA) case into the Chinese mobile company Vivo.
Those arrested in connection with the case are: Guangwen Kyang, also known as Andrew Kuang, a Chinese national, Hari Om Rai, the Managing Director of Lava International, Rajan Malik and Nitin Garg, a Chartered Accountant (CA). More than ₹10 lakh cash was also seized.
In July of the previous year, the agency conducted raids on the company and its associates, asserting that they had uncovered a “significant money laundering operation” involving Chinese nationals and several Indian firms.
During their investigation, the ED alleged that Vivo had transferred a substantial sum of ₹62,476 crore to China through illicit means, purportedly as a means to evade tax payments in India, PTI reported.
READ HERE: Multiple ED raids against Chinese mobile company Vivo, linked firms
The scrutiny against Chinese firms tightened after tensions at the border between the two countries in 2020, leading to multiple rounds of talks. More than 200 mobile apps, including TikTok, have been banned since then.
(Inputs from Neeraj Chauhan)
