vivo

Vivo Is Allegedly Money Laundering

vivo

Indian tax officials announced a probe into Vivo on Tuesday (5th). Xiaomi’s accounts were seized by the ED in May.

India’s economic watchdog agency searched more than 40 Chinese brand stores and offices. The ED said it was investigating probable Money Laundering Prevention Law offences. No details given (PMLA).

According to the Economic Times, Jammu and Kashmir authorities want a Vivo smartphone dealer. At least two corporate shareholders were accused of fabricating documents and address proof.

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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. Therefore, 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.

Moreover, 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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