New Delhi: The Enforcement Directorate (ED) Tuesday made significant arrests in connection with a money-laundering probe against smart phone-maker Vivo.
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Sources told News Agency that their activities were detrimental to India’s economic sovereignty.
The four arrested included the Managing Director of Lava International, Hari Om Rai, Chinese national Guangwen alias Andrew Kuang, and Chartered Accountants Nitin Garg and Rajan Malik
The ED substantiated its case before a local court by claiming that the activities of these four individuals had enabled Vivo, India, to make wrongful gains through alleged money laundering activities.
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ED’s made allegations that Vivo, India, had “illegally” transferred a staggering ₹62,476 crore to China to evade taxes in India, suggesting activities detrimental to India’s economic sovereignty.
In July last year, the Enforcement Directorate (ED) initiated a major raid targeting Vivo, an Indian smartphone-maker, and several associated entities.
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The aim was to uncover a substantial money laundering operation involving Chinese nationals and multiple Indian companies.
