ED Arrests 3 Vivo Executives and Lava International MD for Money Laundering

Prepend to the content

  • ED has arrested four individuals in the PMLA case against Vivo
  • The arrested include a Chinese individual and Lava International co-founder
  • The case involves the illegal transfer of ₹62,476 crores to China from India

The Enforcement Directorate (ED), a government of India investigative agency, has made significant developments in its ongoing investigation into a Prevention of Money Laundering Act (PMLA) case involving the Chinese smartphone manufacturer Vivo. On Tuesday, ED officials took into custody four individuals linked to the case.

ED arrests Lava International Co-Founder

Among those apprehended is Guangwen Kyang, also known as Andrew Kuang, a Chinese national. The other detainees include Rajan Malik and Nitin Garg, a Chartered Accountant (CA) associated with Vivo. Additionally, Hari Om Rai, the Founder of Lava International, has also been arrested as part of the ED’s actions, although specific details regarding his involvement have not yet been disclosed.

Vivo store

The ED’s involvement in this case dates back to July of last year when the agency conducted raids on Vivo and its affiliated entities. During these operations, they uncovered what they described as a “significant money laundering operation” involving Chinese nationals and various Indian firms. These raids were conducted at 48 locations across the country, including the premises of Vivo Mobiles India and 23 associated companies, such as Grand Prospect International Communications (GPICPL).

Also read: Vivo announces Funtouch OS 14 based on Android 14

Vivo accused of evading taxes in India

The ED’s investigation under the Prevention of Money Laundering Act (PMLA) was initiated on February 3, 2022, following an FIR filed by the Delhi Police. The FIR stemmed from a complaint lodged by the Ministry of Corporate Affairs, which accused GPICPL of fraud, cheating, and criminal conspiracy.

The ED alleges that several Indian companies were established with the primary objective of unlawfully transferring funds to China. Furthermore, the agency claims that Vivo engaged in the illicit transfer of a sum amounting to ₹62,476 crores, to China in an attempt to evade taxes in India.

The post ED Arrests 3 Vivo Executives and Lava International MD for Money Laundering appeared first on Pricebaba.com Daily.