Four arrested, including the Managing Director of Vivo

Action taken in case of money laundering

(Credits : Jammu links News)

New Delhi – Four individuals were taken into custody by the Enforcement Directorate (ED), including Hari Om Rai, the Managing Director of ‘Lava International’ for assisting ‘Vivo’, a Chinese company manufacturing mobile phones. One among the arrested is a Chinese citizen and another is a chartered accountant. ED has claimed that ‘Vivo’ illegally transferred Rs 62,476 crore to China to evade tax in India. Three Chinese citizens, who left India between 2018 and 2021, and a person staying in China, set up 23 different companies in India. These companies deposited whopping amounts in ‘Vivo’s account. Later, from the sale amount of Rs 1,25,185 crore, an amount of Rs 62,476 crore was transferred to China. ED claimed that it was mainly done to evade tax by showing the company incurring huge losses.