Just a couple of days ago, it was reported that Vivo was being accused of money laundering by the ED (Department of Law Enforcement). Now, a new report has revealed some more interesting details about the case.
According to a report by NDTV, ED found that Vivo India is sending a significant amount of its revenue from India to China. Apparently, the Chinese smartphone manufacturer is taking this step to avoid paying taxes in India. The Indian arm of the brand is reported to have shipped around US$7.87 billion, around 50 per cent of its total turnover in the region.
Notably, ED also blocked 119 bank accounts that were linked to Vivo’s operations in India. Falsified documents were even found during the search of several companies. The addresses indicated in these documents also turned out to be false. The ED also added that “Vivo India employees, including some Chinese nationals, were uncooperative with the search and attempted to flee, confiscate and hide digital devices found during the search.”
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Source: IXBT
