The Enforcement Directorate had raided vivo-India and its linked individuals in July final 12 months. File
| Photo Credit: Reuters
The prosecution grievance has been filed earlier than a particular court docket in New Delhi on December 6 below the legal sections of the Prevention of Money Laundering Act and vivo-India has been named an accused aside from these arrested on this case, the sources instructed PTI.
Also learn:India accuses China’s Vivo of visa violations, siphoning off $13 billion
The federal probe company arrested 4 individuals, together with the managing director of the Lava International cellular firm Hari Om Rai, on this investigation. The others who have been taken into custody have been Chinese nationwide Guangwen alias Andrew Kuang, Chartered Accountants Nitin Garg and Rajan Malik.
The ED had then claimed in its remand papers earlier than an area court docket in New Delhi that the alleged actions of the 4 enabled vivo-India to make wrongful beneficial properties that have been detrimental to the financial sovereignty of India.
It had raided vivo-India and its linked individuals in July final 12 months, claiming to have busted a significant cash laundering racket involving Chinese nationals and a number of Indian firms.
The ED had then alleged {that a} whopping ₹62,476 crore was “illegally” transferred by vivo-India to China to keep away from cost of taxes in India. The firm had stated that it “firmly adheres to its ethical principles and remains dedicated to legal compliance.” Mr. Rai had lately instructed a court docket in New Delhi that although his firm and vivo-India have been in talks to launch a three way partnership in India a decade in the past, he had nothing to do with the Chinese agency or its representatives since 2014.
“He has not derived any monetary benefit, nor has he engaged in any transaction with vivo-India or any entity allegedly related to vivo, let alone having been associated with any alleged ‘proceeds of crime’,” Mr. Rai’s lawyer instructed the court docket.
The company filed an enforcement case info report (ECIR), the ED equal of a police FIR, on February 3 after finding out a Delhi Police FIR of December final 12 months against an related firm of vivo-India, Grand Prospect International Communication Pvt. Ltd. (GPICPL), its administrators, shareholders and a few others professionals.
The police grievance was filed by the Corporate Affairs Ministry alleging that GPICPL and its shareholders used “forged” identification paperwork and “falsified” addresses on the time of incorporation of the corporate in December 2014.
