Indian financial crime agency raids Chinese-owned Vivo
Sign up now for Cost-free endless obtain to Reuters.com
MUMBAI, July 5 (Reuters) – India’s fiscal criminal offense-preventing company on Tuesday raided the places of work of smartphone maker Vivo, owned by China’s BBK Electronics, and its connected entities, a senior govt formal and an marketplace executive explained to Reuters.
The lookups by the Enforcement Directorate are section of an investigation into suspected money laundering, nearby media reported.
“Vivo is cooperating with the authorities to present them with all needed info,” a Vivo spokesperson mentioned in an emailed assertion. “As a liable company, we are committed to be absolutely compliant with regulations.”
Sign-up now for Cost-free limitless entry to Reuters.com
The Directorate did not respond to requests for comment.
The resources declined to be named as the probe is not community.
The raids at Vivo arrive months right after the Enforcement Directorate released an investigation into Xiaomi Corp (1810.HK), just one of India’s major smartphone sellers, for alleged illegal remittances abroad “in the guise of royalty” payments. read a lot more
Xiaomi has denied any wrongdoing, and alleged in court docket that its major executives faced threats of “actual physical violence” and coercion during questioning by officers at the Directorate. The company denied the allegations. examine a lot more
Many Chinese providers have struggled to do business enterprise in India due to political tensions adhering to a border clash in 2020. India has cited protection problems in considering the fact that banning far more than 300 Chinese apps, and also tightened norms for Chinese providers investing in India.
Sign up now for Absolutely free endless accessibility to Reuters.com
Reporting by Aditya Kalra and Abhirup Roy Modifying by Sanjeev Miglani, Louise Heavens and Jan Harvey
Our Expectations: The Thomson Reuters Belief Concepts.