China agency Vivo administrators flee India as ED intensifies cash laundering probe: Sources


Vivo India administrators Zhengshen Ou and Zhang Jie left the nation because the Enforcement Directorate intensified its inquiry into the cash laundering case towards the Chinese agency, mentioned sources.

Vivo India administrators Zhengshen Ou and Zhang Jie left the nation because the Enforcement Directorate intensified its inquiry into the cash laundering case towards the Chinese agency, mentioned sources.

The data comes a day after the company carried out searches at 40 places in reference to the case.

The federal company on Tuesday performed searches at 40 places in Uttar Pradesh, Madhya Pradesh and a few states in reference to a case southern linked to Vivo Mobile Communications and another Chinese corporations.

The case is already being investigated by the Central Bureau of Investigation (CBI).

IT division, in addition to the Ministry of Corporate Affairs, can be conserving an in depth eye on the Chinese manufacturing corporations. The ED raid is an extension of the probe towards Chinese corporations.

The ED performed these searches with respect to violations of the Prevention of Money Laundering Act (PMLA).

Sources mentioned that native items of Vivo Mobile Communications are underneath the radar for alleged monetary improprieties as a part of an investigation into different China-based corporations.

The Ministry of Corporate Affairs is be taught to have a particular deal with potential violations together with fraud.

In the case of Vivo, an inquiry was sought in April this yr to detect if there have been “significant irregularities in ownership and financial reporting”.

Further investigations are underway.





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