Vivo India asks Delhi High Court to freeze bank accounts by ED | Latest India News

The Law Enforcement Directorate this week raided 48 locations in connection with “falsified identity documents and forged addresses” by a number of companies linked to Vivo India.

Vivo Mobile India – the Indian subsidiary of the Chinese mobile phone maker – sued the Delhi High Court on Friday against the freezing of all its bank accounts by the Enforcement Branch.

On Thursday, the central investigative agency said nearly half of the company’s considerable profits – amounting to 62,476 crores – had been transferred out of the country and mainly to China.

“These remittances were made in order to disclose huge losses in Indian incorporated companies to avoid paying taxes in India,” the ED said in a statement.

The investigative agency uncovered a total of 23 companies associated with Vivo India that were involved in transferring huge amounts to the mobile phone maker.

The investigative body also carried out searches this week at 48 locations in connection with “falsified identity documents and falsified addresses” by companies linked to Vivo India.

In May, the manufacturer, along with China’s ZTE Corp, was investigated for alleged financial irregularities as the government tightens surveillance of companies from the neighboring country, with which India is locked in a border standoff. tense.