India Completes Moneylaundering Investigation Against Vivo
The Indian government has concluded a money-laundering investigation into Vivo, accusing the company of illegally transferring 624.76 billion rupees ($7.5 billion) abroad through male companies.
According to PTI and Mint , India's Enforcement Directorate has filed the first chargesheet against Vivo after completing its investigation into a money laundering case involving Vivo and various shell companies.
In October, India arrested four people, including Lava founder and CEO Hari Om Rai, Chinese national Guangwen, alias Andrew Kuang, and accountants Nitin Garg and Rajan Malik, on charges of defrauding the government by entering India in a certain manner. .. Interesting. This is a fraudulent way of creating a complex network controlled by China across India and carrying out activities that threaten the economic sovereignty of the country.
It is reported that the four arrested persons have established 23 companies in India. These companies are known to have transferred huge sums of money to Vivo India. Of its total sales of INR 1,251.85 billion, Vivo remitted INR 624.76 billion, which is approximately 50% of its sales volume outside India, to avoid paying domestic taxes.
Vivo, along with other Chinese smartphone vendors, controls over 70% of the Indian smartphone market. However, China-based companies are believed to make only a small contribution to the Indian economy. Vivo and Xiaomi have been accused of tax or customs evasion, and most of India's smartphone exports are linked to suppliers Samsung Electronics and Apple.
In recent years, various Indian media have reported that India is trying to convince China-based suppliers to form joint ventures with Indian manufacturers, collaborate with local partners on distribution networks and increase exports of smartphones. Two days ago, Dixon opened a factory in Noida to manufacture Xiaomi phones with an annual production capacity of 25 million units, which Xiaomi outsourced to a US-based electronics manufacturer for the first time.