Multiple ED raids against Chinese mobile company Vivo, linked firms: Sources

Published on Jul 05, 2022 11:51 AM IST

The raids were carried out at around 44 places across the country. 

A file photo of Mumbai office of the Enforcement Directorate.  ((Kunal Patil/Hindustan Times ))
A file photo of Mumbai office of the Enforcement Directorate.  ((Kunal Patil/Hindustan Times ))
By | Edited by Swati Bhasin, New Delhi

Raids were carried out at 44 locations across India in action against top Chinese mobile manufacturer Vivo, and several firms linked to it, sources said. The development comes amid the government's increased scrutiny for businesses that trace their origin to the neighboring country.

In May, local units of ZTE Corp. and Vivo Mobile Communications Co. faced investigation for alleged financial irregularities. Xiaomi Corp. is another Chinese firm that has been on the radar of the probe agency.

An inquiry was sought in April against Vivo to see if there were “significant irregularities in the ownership and financial reporting", a report by Bloomberg earlier said. The books of ZTE were also believed to be under scanner.

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.

In May, China had said it remains India’s largest trading partner in counter to figures published by New Delhi, which said India did more trade with the US than with any other country last year. Pointing out that the bilateral trade between India and China stood at $125.66 billion, it showed willingness to take measures to advance normal trade with India.

HT had reported in May that Zhao Lijian, Chinese foreign ministry spokesperson, had responded to the probe against ZTE and Vivo “The Chinese government is closely following the situation. The Chinese government always asks Chinese companies to abide by laws and regulations when doing business overseas,” Zhao had said.

“In the meantime, we firmly support Chinese companies in safeguarding their legal rights and interests. The Indian side should act in accordance with laws and regulations and provide a fair, just and non-discriminatory business environment for Chinese companies operating in India.”

Get Latest India Newsalong with Latest Newsand Top Headlinesfrom India and around the world.
SHARE THIS ARTICLE ON
  • ABOUT THE AUTHOR

    Follow the latest breaking news and developments from India and around the world with Hindustan Times' newsdesk. From politics and policies to the economy and the environment, from local issues to national events and global affairs, we've got you covered.

SHARE
Story Saved
OPEN APP
×
Saved Articles
Following
My Reads
My Offers
Sign out
New Delhi 0C
Tuesday, January 31, 2023
Start 15 Days Free Trial Subscribe Now
Register Free and get Exciting Deals