👮The ED on Thursday said the Indian arm of Vivo ‘remitted’ almost 50 per cent of its turnover, which is ₹62,476 crore, mainly to China in order to avoid paying taxes here, PTI reported.
👉Vivo India today approached the Delhi High Court to challenge the freezing of the company's bank account by the Enforcement Directorate (ED) in connection with a money laundering case.
👉Senior Advocate Siddharth Luthra on Friday mentioned the matter before the bench headed by Delhi High Court Chief Justice Satish Chandra Sharma also comprising Justice Subramonium Prasad and submitted that ED has frozen all our bank accounts.
👉They have 9000 employees.
👉The Enforcement Directorate (ED said on Thursday it has blocked 119 bank accounts linked to Vivo's India business which were holding 4.65 billion rupees ($58.76 million), as part of an investigation into alleged money laundering by the Chinese smartphone maker, reported news agency Reuters.
👉The ED on Thursday said the Indian arm of Vivo "remitted" almost 50 per cent of its turnover, which is ₹62,476 crore, mainly to China in order to avoid paying taxes here, PTI reported.
👉The probe agency also said it has seized 73 lakh cash and 2 kg gold bars after its pan-India raids that were launched early this week on July 5 against Vivo Mobile India Pvt. Ltd. and its 23 associated companies.
👉It said an ex-director of Vivo, Bin Lou, left India in 2018 after incorporating a number of companies that are now under its scanner.
👉Vivo Communication Technology Co. Ltd., (styled as vivo), is a Chinese multinationals technology company headquartered in Dongguan, Guangdong,that designs and develops smartphones, smartphone accessories, software and online services. The company develops software for its phones, distributed through its V-Appstore, with iManager included in their proprietary, Android-based operating system, Funtouch OS in Global, Origin OS in Mainland China and India. Vivo is an independent company and develops its own products. It has 10,000 employees, with research and development centers in Shenzhen,Guangdong, and Nanjing, Jiangsu.
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