Vivo illegally transferred Rs 62476 crores to China to avoid taxes, says ED

On Thursday, 7th July 2022, the Enforcement Directorate said that smartphone maker Vivo “illegally” sent Rs 62,476 crore to China in order to avoid paying taxes on that money in India. Rs 62,476 crore has been “illegally” transferred by smartphone maker Vivo to China in order to avoid payment of taxes in India, the Enforcement Directorate said #Vivo #EnforcementDirectorate https://t.co/bBiqWicOEc — News18.com July 7, 2022 According to a report by News18, the ED said in a statement, “These 23 companies are found to have transferred huge amounts of funds to Vivo India. Employees of Vivo India, including some Chinese nationals, did not cooperate with the search proceedings and tried to abscond, and attempted to remove and hide digital devices which were retrieved by the search teams.” After the raids, ED said, “We seized funds worth Rs 465 crore kept in 119 bank accounts by various entities involved in the case, Rs 73 lakh cash and 2 kg gold bars were also recovered.” After reviewing a Delhi Police FIR from December of last year against Grand Prospect International Communication Pvt Ltd, its directors, shareholders, and some other professionals, the agency filed an Enforcement Case Information Report, the ED equivalent of a police FIR, on February 3. ED said, “The allegations were found to be true as the investigation revealed that the addresses mentioned by the directors of GPICPL did not belong to them, but in fact, it was a government building and house of a senior bureaucrat.” It said Vivo Mobiles Pvt Ltd was incorporated on August 1, 2014, as a subsidiary of Multi Accord Ltd, a Hong Kong-based company.