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

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 locations across India in connection with “forged identification documents and falsified addresses” by several firms linked with Vivo India. ED said Vivo India employees, including a few Chinese nationals, did not cooperate with the investigation and tried to “abscond, remove and hide” digital devices. “So far, 119 bank accounts of various entities with gross balance to the tune of ₹465 crore including FDs to the tune of ₹66 crore of Vivo India, 2kg gold bars, and cash amount to the tune of approximately ₹73 lakhs have been seized under the provisions of PMLA, 2002,” said ED.