vivo

China’s Vivo Is Being Investigated For Alleged Money Laundering.

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An investigation into Vivo’s alleged involvement in money laundering was announced by Indian tax authorities on Tuesday (5th). Xiaomi’s accounts were seized by the Local Revenue Execution Directorate (ED) in May, which is handling the case.

More than 40 stores and offices of the Chinese brand in India were searched by the country’s economic watchdog agency. A statement from the ED stated only that it was investigating possible violations of the Money Laundering Prevention Law. No further details were given (PMLA).

Local authorities in Jammu and Kashmir, according to the Economic Times, have their sights set on a major Vivo smartphone distributor. The Indian government was suspicious because at least two of the company’s shareholders were accused of falsifying documents and proof of address.

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Brands from China versus those from India

To date, Vivo India has not released any information about the ongoing investigations into possible money laundering activities. It’s worth noting that the manufacturer is currently one of the top five most popular phone brands in the country, with a 10% share of the market.
The government of India has long targeted Chinese phone manufacturers, who will hold 77% of India’s smartphone market in 2021. Tensions arose after the Himalayan skirmishes in mid-2020 between the armed forces of the two countries.

At least two investigations have taken place since then, one for alleged tax avoidance and the other for illegal remittances to foreign companies. The Chinese giant has denied the accusations made by the Western media.

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