Vivo is being investigated by the Indian government. A money laundering investigation is currently ongoing against the business. And now, the Enforcement Directorate has conducted raids at several locations connected to it (ED).
A Live Mint report claims that the ED has carried out raids at businesses and offices connected to the Chinese smartphone manufacturer in India. It's interesting that this news comes after similar raids in the nation targeted another Chinese company, Xiaomi. The Prevention of Money Laundering Act (PMLA) was reportedly used to conduct the search operations at Vivo India's office, though the ED has not yet made any official statements about them.
After the government discovered that at least two of the company's shareholders had submitted forged documents with false Indian addresses, a separate report from the Economic Times revealed that one of the brands distributor in Jammu and Kashmir had also caught the attention of the ED. As of right now, no comments regarding the ED raids have received a response from Vivo India. The business has a significant offline market presence and is one of the top five smartphone brands in the nation.
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The Income Tax Department had accused Xiaomi and its affiliated locations of tax evasion, and the ED had similarly carried out raids at those locations. In the end, the government seized assets worth 5,550 crore INR, or roughly 701 million USD. The ED asserted that Xiaomi India sent funds worth 5551 crore INR to three foreign-based entities under the "guise of royalty" when the investigation got underway in February.
