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 associated entities, in a case involving Grand Prospect International Communication Private Limited that was allegedly being run by some Chinese nationals. It has so far seized 119 bank accounts of various entities with gross balance of about ₹465 crore, including ₹66 crore in fixed deposits of Vivo India, two kg worth gold bars and ₹73 lakh in cash. “These companies are found to have transferred huge funds to Vivo India,” said the agency, adding that further investigations were under way.

Delhi Companies Chinese Lou Vivo Vivo India Gpicpl India Remitted  india  remitted  turnover  avoid  ed  getting  50  gpicpl  delhi  mr  including  taxed  china  chinese  incorporated  country  companies  vivo

History of this topic

Dixon Tech, Vivo to set up electronic manufacturing joint venture
1 week, 1 day ago

Dixon Tech, Vivo to set up electronic manufacturing joint venture

The Hindu  

Electronics contract manufacturer Dixon Technologies and Chinese mobile phone company Vivo will set up a joint venture for manufacturing of electronic devices, including smartphones, a regulatory filing said on Sunday. "Dixon Technologies Limited and Vivo Mobile India Private Limited sign a binding term sheet for a proposed joint venture to undertake OEM business of electronic devices including smartphones," the filing …

Dixon, Vivo enter into JV, to make smartphones and other devices
Trending News
1 week, 1 day ago

Dixon, Vivo enter into JV, to make smartphones and other devices

Live Mint  

New Delhi: Noida-headquartered contract manufacturing company Dixon Technologies Limited and Chinese smartphone maker Vivo's India business have entered into a binding term sheet for a proposed joint venture where Dixon will take 51% share and the rest will be with Vivo. “The facility will undertake part of Vivo’s OEM orders of smartphones in India, and can also engage in OEM …

Apple’s India iPhone Ambitions Put A Dent On Vivo-Tata Group Deal? Here’s The Story
4 months, 3 weeks ago

Apple’s India iPhone Ambitions Put A Dent On Vivo-Tata Group Deal? Here’s The Story

News 18  

Apple sees Vivo as one of its rivals in the Indian market which has reportedly affected the latter’s chances of getting a sweet deal with Tata Group in the country. But Apple’s close association with the Tata Group for manufacturing iPhones in the country has worked against the Chinese giant and Times of India claims their supposed deal has now …

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 …

Delhi court releases Vivo employees accused of money laundering, dubs their arrest 'illegal and void'
11 months, 3 weeks ago

Delhi court releases Vivo employees accused of money laundering, dubs their arrest 'illegal and void'

Op India  

On Saturday, a Delhi court ordered the release of 3 employees of Chinese smartphone manufacturer Vivo, who were arrested by the Enforcement Directorate in connection to a money laundering case. As per reports, the three arrested individuals include Vivo India’s Chief Executive Officer Hong Xuquan, Chief Financial Officer Harinder Dahiya and consultant Hemant Munjal. #WATCH | Vivo money laundering case …

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 …

Vivo siphoned $13 bn abroad, ED tells court
1 year, 2 months ago

Vivo siphoned $13 bn abroad, ED tells court

Live Mint  

Many employees of Chinese smartphone maker Vivo and its Indian affiliates concealed their employment when seeking visas, and some breached rules by visiting the “sensitive" Himalayan region of Jammu and Kashmir, India’s financial crime agency has said. {{^adFree}} {{/adFree}} At least 30 Chinese individuals entered India on business visas and worked as Vivo employees, but their application forms “never disclosed" …

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 to start new manufacturing unit, aims for 10 lakh units export in 2023
1 year, 8 months ago

Vivo to start new manufacturing unit, aims for 10 lakh units export in 2023

The Hindu  

Vivo, the third largest mobile player in India, is going to set up an additional manufacturing unit in the country as part of its expansion plan, also aiming to fulfil export goals more vigorously. Sharing the second edition of the India Impact Report, 2023 with The Hindu, Yogendra Sriramula, Head-Brand Strategy at Vivo India, said the company has already invested …

Vivo plans to export smartphones from India by the end of 2022; Zeiss partnership to continue
2 years, 2 months ago

Vivo plans to export smartphones from India by the end of 2022; Zeiss partnership to continue

The Hindu  

Vivo on Tuesday said that it will start exporting smartphones out of India by the end of this year. On the question of whether a pan-India rollout of 5G would bring down the cost of handset, Paigham Danish, Head of Business Strategy at Vivo India, said “There are many components that define the price of a phone. So, it will …

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 …

Raids on Vivo | China hopes for a 'truly fair' probe in accordance with law
2 years, 5 months ago

Raids on Vivo | China hopes for a 'truly fair' probe in accordance with law

The Hindu  

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 …

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 …

India should probe Vivo according to law, not discriminate: China
2 years, 5 months ago

India should probe Vivo according to law, not discriminate: China

Hindustan Times  

China on Wednesday said it hopes India would conduct investigations into the Chinese smartphone company Vivo according to law and provide a “fair” and “non-discriminatory” business environment for Chinese firms. China is closely following developments related to the raids on the offices of Vivo in India, Chinese foreign ministry spokesperson, Zhao Lijian, said on Wednesday when asked about the case. …

Indian financial crime agency raids Chinese-owned Vivo
2 years, 5 months ago

Indian financial crime agency raids Chinese-owned Vivo

The Hindu  

India's financial crime-fighting agency on Tuesday raided the offices of smartphone maker Vivo, owned by China's BBK Electronics, and its related entities, a senior government official and an industry executive told Reuters. The raids at Vivo come months after the Enforcement Directorate launched an investigation into Xiaomi Corp, one of India's leading smartphone sellers, for alleged illegal remittances abroad "in …

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