Image Credit source: Symbolic
On Tuesday itself, the ED has raided 44 locations located in 22 states of companies associated with Vivo and Vivo. These raids were killed in a case related to money laundering
The Indian Investigation Agency’s strictness in corruption cases on Chinese companiesChinaThe tension of the government has increased. The situation is that Dragon is now urging India to worsen the sentiments related to the investment of foreign investors. However, it is believed that China’s troubles have increased after seeing the reins of Chinese companies around the world. There have been allegations of corruption against Chinese companies in many countries, with which many Chinese companies have been blacklisted in Europe and America. Vivo in India (Vivo) has been accused of fraud. Because of which ED (Enforcement Directorate) has raided these companies. The situation is that two directors of a company associated with Vivo have fled the country.
What did the Chinese government say
A spokesman for the Chinese Embassy in India said today that the continuing inquiries by Indian investigative agencies with Chinese companies will undermine the confidence of investors across the world, including Chinese investors, and reduce the likelihood of their investments in the country. Desire may decrease. The spokesperson said that the economic relations between India and China are linked to the mutual interests and benefits of both the countries. Along with this, the spokesperson said that the Chinese government has instructed Chinese companies to strictly follow the rules there with investment in other countries. The spokesperson expressed hope that India will take action in accordance with the rules in the investigation against Chinese companies and provide a better environment for business to Chinese companies.
Allegations of fraud of thousands of crores against Vivo
Chinese mobile company Vivo is accused of fraud of thousands of crores in cases related to money laundering and tax evasion. The company is also on the radar of Income Tax Department and Ministry of Corporate Affairs along with ED. On Tuesday, the ED has raided 44 locations in 22 states. These raids have been done at the locations of Vivo and its associated companies. Out of these companies, two directors of a company based in Solan have already fled the country. It is alleged that these citizens of China were made directors of the company on the basis of forged documents. According to sources, the ED has received information about money laundering of 10 thousand crore rupees from these raids. A separate CBI investigation is going on in this case. In April itself, the ED had seized Rs 5551 crore deposited in Xiaomi’s bank accounts.