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At least seven Chinese nationals associated with Vivo India have fled the country following investigations by the Enforcement Directorate (ED). The ED has accused Vivo China, Vivo India, and other entities of flouting foreign direct investment norms and visa conditions, as well as hiding beneficial ownership to create proceeds of crime worth over INR 20,000 crore ($2.6 billion). The charge sheet filed by the ED alleges that Vivo China used various methods to conceal its ownership of Vivo India and control its operations in the country. Vivo has denied all charges. | Latest News India ....
According to the chargesheet, multiple entities under the control of Vivo China resorted to using forged identity documents to acquire wrongful gains for themselves “to the detriment of Indian Laws and economic sovereignty of the country.” ....
Earlier this week, ED arrested four executives of Vivo including the petitioner, Guangwen Kuang alias Andrew over allegations of money laundering. The ED contested that those arrested helped in the incorporation of a mesh of 18-19 companies in India having Chinese nationals as their directors and that despite them operating in India, their data was not maintained in India, rather maintained in the servers in China. ....
2382 | Complete Sunny Optical Technology Group Co. Ltd. stock news by MarketWatch. View real-time stock prices and stock quotes for a full financial overview. ....