NEW DELHI: The Enforcement Directorate (ED) on Tuesday arrested four people, including the managing director of Lava International mobile company Hari Om Rai and Chinese national Guangwen Kyang, in connection with a probe into illegal repatriation of profits by Chinese cellphone manufacturer Vivo.
Others arrested as part of the investigation into alleged transfer of half of the Rs 1.2 lakh crore of Vivo’s receipts from its Indian operations include chartered acc-ountants Nitin Garg and Rajan Malik.The agency is looking into suspicious transactions totalling Rs 62,000 crore of Vivo’s earnings of its Indian operations since 2014.
The ED’s money laundering case is based on an FIR registered by Delhi Police probing alleged fake addresses at which Vivo had registered its subsidiaries.The searches carried out by the ED on the premises linked to Vivo last year had kicked up a diplomatic row when the Chinese foreign ministry and its embassy in India had issued statements saying multiple inve-stigations by Indian agencies were damaging the confidence of foreign entities investing and operating in India.
Reacting to the latest arrests, a statement from the Vivo spokesperson said: “Vivo firmly adheres to its ethical principles and remains dedicated to legal compliance. The recent arrest deeply concerns us. We will exercise all available legal options.”
Others arrested as part of the investigation into alleged transfer of half of the Rs 1.2 lakh crore of Vivo’s receipts from its Indian operations include chartered acc-ountants Nitin Garg and Rajan Malik.The agency is looking into suspicious transactions totalling Rs 62,000 crore of Vivo’s earnings of its Indian operations since 2014.
The ED’s money laundering case is based on an FIR registered by Delhi Police probing alleged fake addresses at which Vivo had registered its subsidiaries.The searches carried out by the ED on the premises linked to Vivo last year had kicked up a diplomatic row when the Chinese foreign ministry and its embassy in India had issued statements saying multiple inve-stigations by Indian agencies were damaging the confidence of foreign entities investing and operating in India.
Reacting to the latest arrests, a statement from the Vivo spokesperson said: “Vivo firmly adheres to its ethical principles and remains dedicated to legal compliance. The recent arrest deeply concerns us. We will exercise all available legal options.”
