Enforcement Directorate Detains Vivo India three Executives Amidst Money Laundering Case
ED detains three executives from Vivo India in money laundering case
The Enforcement Directorate (ED) has detained three executives from Vivo India in relation to its money laundering investigation against the Chinese smartphone manufacturer and a few other individuals.
The Chinese national Hong Xuquan, also known as Terry, is the interim CEO of vivo-India. According to the company, Hemant Munjal, a consultant, and Chief Financial Officer (CFO), Harinder Dahiya, have been placed under arrest in accordance with the Prevention of Money Laundering Act’s (PMLA) provisions.
Sources claimed that after the 3 appeared before a judge, they were detained by the ED for three days.
According to sources, the ED is looking into a number of suspicious transactions totaling more than Rs 62,000 crore from Rs 1.25 lakh crore in revenue from its operations in India since 2014. The foundation of the ED’s money laundering case is an FIR that Delhi Police filed, looking into claims that the Chinese company registered fictitious addresses for its Indian subsidiaries.
According to a Vivo spokesperson, they are extremely concerned about the current government actions. The recent arrests show that harassment is still occurring, and as a result, there is uncertainty in the industry as a whole. They are adamant about addressing and refuting these allegations through all available legal channels.
The spokesperson went on to say that in response to the submissions of Ld. Respective Senior Counsels, which stated that the accused were taken in the ED vehicle on December 21, 2023, at approximately 6:55 pm, and that they have not voluntarily accompanied the ED officials and have been in custody of the ED since that date, the Director of ED is directed to conduct an investigation into this matter and file a report on December 26, 2023, along with any pertinent CCTV footage. The concerned Director is also required to provide a report detailing the precise duration of the accused individuals’ detention by the ED, including the time of their arrest.
