Top Vivo executives could have fled India amid ED’s cash laundering probe

By IANS

NEW DELHI: Chinese smartphone firm Vivo’s high executives, Directors Zhengshen Ou and Zhang Jie, probably fled India on Wednesday after the Enforcement Directorate (ED) carried out raids at its workplaces in reference to a prevention of cash laundering case.

Sources mentioned that Zhengshen and Zhang could have fled the nation by way of the Nepal route amid fears that they could be arrested. Vivo didn’t touch upon the event.

The raids have been carried out at practically 44 places in Uttar Pradesh, Madhya Pradesh, Bihar and in southern states, on Tuesday in reference to the Prevention of Money Laundering Act (PMLA), 2002.

Sources mentioned the workplace of Vivo and the premises of some different Chinese corporations have been raided. The CBI has additionally been probing the case and lodged a separate first data report.

In a press release to IANS, Vivo had mentioned that it’s cooperating with the authorities to supply them with all required data. “As a responsible corporate, we are committed to be fully compliant with laws,” an organization spokesperson mentioned.

In April, the ED seized Rs 5,551.27 crore of Xiaomi Technology India Private Ltd mendacity within the financial institution accounts beneath the provisions of Foreign Exchange Management Act (FEMA) reference to the unlawful outward remittances made by the corporate.