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Vivo India Directors Said To Leave Country As Ed Intensifies Money Laundering Probe

Zhengshen Ou and Zhang Jie, directors of Vivo India, reportedly left the nation as the Enforcement Directorate ramped up its investigation into the money laundering case against the Chinese company.The material was released a day after 40 locations were searched by the agency in connection with the case.

In connection with a case involving Vivo Mobile Communications and a few other Chinese companies, the federal agency searched 40 premises on Tuesday in Uttar Pradesh, Madhya Pradesh, and some southern states.The Central Bureau of Investigation is already looking into the situation (CBI).The Ministry of Corporate Affairs and the IT department are both closely monitoring the Chinese manufacturing companies.The investigation into Chinese companies has been expanded by the ED raid.

In order to investigate potential violations of the Prevention of Money Laundering Act, the ED performed these searches (PMLA).A probe into other China based companies is reportedly looking at local Vivo Mobile Communications units for possible financial irregularities.It is known that the Ministry of Corporate Affairs pays particular attention to potential infractions, such as fraud.

vivo india directors said to leave country

In April of this year, a request for an investigation was made to see if there were “significant abnormalities in ownership and financial reporting” in the case of Vivo. More research is currently being done. The ED thinks that this alleged forgery was done in order to use paper or shell companies to launder illegally obtained money in order to conceal some of the “proceeds of crime” from Indian tax and enforcement agencies.

he move is being viewed as a component of the Union government’s efforts to strengthen controls over Chinese entities and the ongoing crackdown on such businesses and their affiliated Indian operatives who are allegedly engaging in serious financial crimes like money laundering and tax evasion while operating here.In the background of the ongoing military standoff between the two nations along the Line of Actual Control (LAC) in eastern Ladakh for more than two years, action has been ramped up against Chinese-backed businesses or entities operating in India.

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