Money Laundering Case | ED’s grip on Vivo India, told – sent Rs 62,476 crore abroad to avoid tax CB News

Chinese smartphone maker Vivo
Chinese smartphone maker Vivo

New Delhi: The Enforcement Directorate (ED) on Thursday said the Indian arm of Chinese smartphone maker Vivo remitted nearly 50 per cent of its total business here, or Rs 62,476 crore, abroad to avoid tax liability.

The central probe agency said that Vivo India diverted a large part of its revenue to China and some other countries to avoid paying taxes in India. The amount remitted abroad is Rs 62,476 crore which is almost half of its business.

The ED said that an amount of Rs 465 crore deposited in their bank accounts has been seized after an intensive search operation on Wednesday against Vivo Mobile India Pvt Ltd and its 23 affiliated companies. Apart from this, cash worth Rs 73 lakh and two kg gold bars have also been seized.

The Enforcement Directorate said that former Vivo director Bin Lau left the country in 2018 after forming several companies in India. Now the eyes of the investigating agency are on the financial details of these companies.

The Enforcement Directorate has also alleged that Vivo India employees did not cooperate during its search operation and tried to escape and hide digital devices. However, the agency’s search teams were successful in getting these digital information.

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