Vivo sent Rs 62,476-cr worth turnover to China to avoid getting taxed in India: ED
2 years, 5 months ago

Vivo sent Rs 62,476-cr worth turnover to China to avoid getting taxed in India: ED

India TV News  

Highlights Rs 62,476 crore has been "illegally" transferred by smartphone maker Vivo to China This money is almost half of Vivo's turnover of Rs 1,25,185 crore The crackdown came after ED found three Chinese nationals who were part of company "left" India ED raids Vivo: A whopping 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 Thursday, as it claimed to have busted a major money laundering racket involving Chinese nationals and multiple Indian companies. The agency filed an Enforcement Case Information Report, the ED equivalent of a police FIR, on February 3 after studying a Delhi Police FIR of December last year against an associated company of Vivo, Grand Prospect International Communication Pvt Ltd, its directors, shareholders and some others professionals. Ltd, Yingjia Communication Pvt Ltd and Jie Lian Mobile India Pvt. The rest are Vigour Mobile India Pvt Ltd, Hisoa Electronic Pvt Ltd, Haijin Trade India Pvt Ltd, Rongsheng Mobile India Pvt Ltd, Morefun Communication Pvt Ltd, Aohua Mobile India Pvt Ltd, Pioneer Mobile Pvt Ltd, Unimay Electronic Pvt Ltd, Junwei Electronic Pvt Ltd, Huijin Electronic India Pvt Ltd, MGM Sales Pvt Ltd and Joinmay Electronic Pvt Ltd. Also Read: ED raids multiple places linked with Chinese mobile company Vivo, firms

India China Mumbai Money Indian Companies Company Pvt Vivo Vivo India Ed Rs Gpicpl Chinese Mobile Three Chinese Nationals  pvt  china  taxed  companies  chinese  mobile  getting  vivo  worth  sent  turnover  ed  rs  company  india  money

History of this topic

Vivo plans to double production, increase exports with a larger manufacturing facility
4 months, 3 weeks ago

Vivo plans to double production, increase exports with a larger manufacturing facility

The Hindu  

Vivo India has manufactured over 150 million smartphones at its Greater Noida based facility in the last ten years. Since 2022, Vivo exported smartphones worth ₹400 crore from its manufacturing unit in India. Vivo also plans to double the production and increase exports as it plans to move to a larger manufacturing facility by the end of this year. In …

ED gets 3-day custody of top Vivo India execs
11 months, 4 weeks ago

ED gets 3-day custody of top Vivo India execs

Live Mint  

Vivo India’s interim chief executive officer Hong Xuquan, chief financial officer Harinder Dahiya and consultant Hemant Munjal were arrested by Enforcement Directorate on charges of money laundering and remanded to custody by a sessions judge in Patiala House Court for three days. The high-profile arrests follow the arrests of four industry executives in October, including Lava International managing director Hari …

ED files first charge sheet against Chinese smartphone maker vivo-India, among others
1 year ago

ED files first charge sheet against Chinese smartphone maker vivo-India, among others

The Hindu  

The prosecution complaint has been filed before a special court in New Delhi on December 6 under the criminal sections of the Prevention of Money Laundering Act and vivo-India has been named an accused apart from those arrested in this case, the sources told PTI. It had raided vivo-India and its linked persons in July last year, claiming to have …

ED arrests Lava MD, three others in Vivo case
1 year, 2 months ago

ED arrests Lava MD, three others in Vivo case

Hindustan Times  

The Enforcement Directorate has arrested four persons, including the chairman and managing director of Lava International, a Chinese national and a chartered accountant, in connection with its money laundering probe against Chinese phone maker Vivo, agency officials said on Tuesday. “In order to avoid taking government approval, Vivo, China, devised a plan whereby they entered India under the garb of …

Vivo launches V29e smartphone in India: Price, specs, and more
1 year, 3 months ago

Vivo launches V29e smartphone in India: Price, specs, and more

India TV News  

Vivo has introduced its latest addition to the V-series lineup in India. The Vivo V29e, though not positioned as a flagship-grade device, embraces style and functionality with its 3D curved display and glass back panel. The smartphone features a 6.78-inch 3D curved AMOLED display that boasts FHD+ resolution and a high 120Hz refresh rate. The device also features the innovative …

Vivo India accused of tax evasion to the tune of Rs 2,217 crore by the Directorate of Revenue Intelligence
2 years, 4 months ago

Vivo India accused of tax evasion to the tune of Rs 2,217 crore by the Directorate of Revenue Intelligence

Firstpost  

The Enforcement Directorate and the Directorate of Revenue Intelligence has found in its investigations that Vivo India evaded custom duty to the tune of Rs 2,217 crore. The Directorate of Revenue Intelligence has detected customs duty evasion of around Rs 2,217 crore by Chinese firm Vivo Mobile, according to an official statement they released on Wednesday. This improper declaration resulted …

Vivo gets notice in ₹2,217 cr customs duty evasion case
2 years, 4 months ago

Vivo gets notice in ₹2,217 cr customs duty evasion case

Live Mint  

The Directorate of Revenue Intelligence has issued a show cause notice to mobile phone maker Vivo Mobile India Pvt Ltd over customs duty evasion of ₹2,217 crore. In a statement on Wednesday, the finance ministry said that during an investigation DRI detected the customs duty evasion by mobile phone maker. “During the course of investigation, searches were conducted by DRI …

DRI detected customs evasion worth over ₹2.21 crore by Vivo India: Govt
2 years, 4 months ago

DRI detected customs evasion worth over ₹2.21 crore by Vivo India: Govt

Hindustan Times  

The Directorate of Revenue Intelligence has detected a customs duty evasion of around ₹2,217 crore from Vivo Mobile India Pvt. After the DRI's investigation was completed, a show cause notice was issued to Vivo India under provisions of the Customs Act, 1962. According to a statement by the Union finance ministry on Wednesday, “During the course of investigation, searches were …

Explained | Why is the ED looking into the operations of Chinese smartphone maker Vivo?
2 years, 5 months ago

Explained | Why is the ED looking into the operations of Chinese smartphone maker Vivo?

The Hindu  

The story so far: China on Wednesday, July 6 issued a strong statement against the Enforcement Directorate’s ongoing investigation into Chinese mobile company Vivo in India. The ED, after raiding 48 places across the country in a money-laundering investigation against Vivo and related firms this week, said on July 7 that the company remitted 50 per cent of its turnover …

Explained: Why has the ED raided Vivo, what was revealed?
2 years, 5 months ago

Explained: Why has the ED raided Vivo, what was revealed?

Firstpost  

The Enforcement Directorate has raided more than 40 places in a money-laundering case against Chinese smartphone company Vivo. It found that company ‘remitted’ almost 50 per cent of its turnover, which is Rs 62,476 crore, mainly to China in order to avoid paying taxes here The Enforcement Directorate raided more than 40 places across India on Tuesday and Wednesday in …

50% Vivo India transferred out of nation, says ED
2 years, 5 months ago

50% Vivo India transferred out of nation, says ED

Hindustan Times  

The Enforcement Directorate said on Thursday that the India branch of top Chinese mobile handset manufacturer Vivo transferred almost 50% of its total turnover out of India. The investigating body carried out raids at 48 locations across India in connection with “forged identification documents and falsified addresses” by several firms linked with Vivo India. The investigation is being carried out …

Vivo illegally transferred Rs 62476 crores to China to avoid taxes, says ED
2 years, 5 months ago

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

Op India  

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 …

Almost 50% of Vivo India’s turnover transferred out of India, reveals ED
2 years, 5 months ago

Almost 50% of Vivo India’s turnover transferred out of India, reveals ED

Hindustan Times  

The Enforcement Directorate on Thursday revealed the India branch of top Chinese mobile manufacturer Vivo, had transferred almost 50% of its total turnover out of India. “Out of the total sale proceeds of ₹1,25,185 crore, Vivo India remitted ₹62,476 crore i.e., almost 50% of the turnover out of India, mainly to China. The investigating body carried out raids at 48 …

ED blocks 119 accounts linked to Vivo, seizes gold bars after raids: Report
2 years, 5 months ago

ED blocks 119 accounts linked to Vivo, seizes gold bars after raids: Report

Hindustan Times  

The Enforcement Directorate, as part of an investigation into alleged money laundering by the Chinese smartphone maker, reported news agency Reuters. The ED said it raided 48 locations of Vivo and its 23 related entities this week, alleging that sale proceeds of Vivo India were transferred out of India to show losses and avoid paying taxes. The ED on Thursday …

Vivo remitted almost 50% of turnover to China to avoid getting taxed in India, says ED
2 years, 5 months ago

Vivo remitted almost 50% of turnover to China to avoid getting taxed in India, says ED

The Hindu  

The Enforcement Directorate on Thursday alleged thatVivo India remitted almost 50% of the sale proceeds overseas, mainly to China, to disclose huge losses in several domestically incorporated companies to avoid payment of taxes in India. The ED statement came two days after it conducted searches at 48 locations across the country, including the premises linked to Vivo India and its …

ED Raids On Vivo: China Hopes For a 'Truly Fair' Probe In Accordance With Law
2 years, 5 months ago

ED Raids On Vivo: China Hopes For a 'Truly Fair' Probe In Accordance With Law

News 18  

China on Wednesday expressed hope that India will conduct the ongoing investigations into the Chinese mobile manufacturer firm Vivo in accordance with the law and regulations and provide a " truly fair" and "non-discriminatory" business environment to China's firms. "As I have stressed many times, the Chinese government has always asked Chinese companies to abide by laws and regulations when …

ED conducts raids against Chinese mobile company Vivo
2 years, 5 months ago

ED conducts raids against Chinese mobile company Vivo

Op India  

On Tuesday, July 5, The Enforcement Directorate conducted raids at as many as 44 locations across the country linked to the Chinese mobile company Vivo. ED conducts raids at 44 places in money laundering probe against Chinese mobile manufacturing company Vivo & related firms:Officials — Press Trust of India July 5, 2022 Among the states where searches are in progress …

Discover Related