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Lava: The agency had raided Vivo and its linked persons in July last year, claiming to have busted a major money laundering racket involving Chinese nationals and multiple Indian companies. The ED had then alleged that a whopping Rs 62,476 crore was "illegally" transferred by Vivo to China in order to avoid payment of taxes in India.
The statement came after the ED raided 48 locations of Vivo India and its associated companies across the country on July 5.
Vivo India approached the Delhi High Court to challenge the freezing of the company`s bank account by the Enforcement Directorate (ED) in connection with a money laundering case.
Get latest articles and stories on India at LatestLY. Vivo India on Friday approached the Delhi High Court to challenge the freezing of the company's bank account by the Enforcement Directorate (ED) in connection with a money laundering case. India News | Vivo India Challenges Freezing of Bank Account by ED in Delhi High Court.
Vivo India, in the plea, submitted that grave injustice will be caused to the company due to this act of ED and will negatively impact its reputation.