Vivo India Directors Leave as Enforcement Directorate Intensifies Money Laundering Inquiry into Chin Vivo India Directors Flee Country as Money Laundering Investigation by Enforcement Directorate Deepens Against Chinese Firm

Friday, 07 Jul 2023 00:00 am

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Vivo India Directors Leave as Enforcement Directorate Intensifies Money Laundering Inquiry into Chinese Firm

According to sources, directors Zhengshen Ou and Zhang Jie of Vivo India have reportedly left the country as the Enforcement Directorate (ED) intensifies its investigation into a money laundering case involving the Chinese firm. This development follows the ED's recent searches at 40 locations related to the case.

Investigation Unveils Alleged Financial Wrongdoings in Money Laundering Probe against Chinese Firm

The ED, along with the Central Bureau of Investigation (CBI), is already examining the case involving Vivo Mobile Communications and several other Chinese companies. The Income Tax department and the Ministry of Corporate Affairs are also closely monitoring these Chinese manufacturing firms. The recent raids conducted by the ED are part of the ongoing probe into the activities of Chinese companies, with a specific focus on possible violations of the Prevention of Money Laundering Act (PMLA).

Sources indicate that local branches of Vivo Mobile Communications have come under scrutiny for alleged financial irregularities, as part of a broader investigation into other China-based firms.

In summary, Vivo India's directors, Zhengshen Ou and Zhang Jie, have reportedly left India as the Enforcement Directorate escalates its inquiry into a money laundering case involving the Chinese company. This follows the ED's searches at 40 locations across multiple states. The case is already being investigated by the Central Bureau of Investigation, and other government agencies such as the Income Tax department and the Ministry of Corporate Affairs are closely monitoring Chinese manufacturing firms. The ED's raids are an extension of the investigation into potential violations of the Prevention of Money Laundering Act. Local units of Vivo Mobile Communications are under scrutiny for alleged financial improprieties as part of a wider investigation into Chinese companies.