Enforcement Directorate had raided vivo-India and its linked individuals in July final 12 months.
New Delhi:
The Enforcement Directorate filed its first cost sheet in reference to its cash laundering probe towards Chinese language smartphone maker vivo and a few others, official sources stated in the present day.
The prosecution criticism has been filed earlier than a particular court docket right here on Wednesday below the felony sections of the Prevention of Cash Laundering Act (PMLA) and Vivo-India has been named an accused aside from these arrested on this case, the sources informed Press Belief of India.
The federal probe company arrested 4 individuals, together with the MD of the Lava Worldwide cellular firm Hari Om Rai, on this investigation. The others who had been taken into custody had been Chinese language nationwide Guangwen alias Andrew Kuang, Chartered Accountants Nitin Garg and Rajan Malik.
The ED had then claimed in its remand papers earlier than a neighborhood court docket right here that the alleged actions of the 4 enabled Vivo-India to make wrongful positive aspects that had been detrimental to the financial sovereignty of India.
It had raided vivo-India and its linked individuals in July final 12 months, claiming to have busted a serious cash laundering racket involving Chinese language nationals and a number of Indian corporations.
The ED had then alleged {that a} whopping Rs 62,476 crore was “illegally” transferred by Vivo-India to China to keep away from fee of taxes in India. The corporate had stated that it “firmly adheres to its moral rules and stays devoted to authorized compliance.” Rai had not too long ago informed a court docket right here that although his firm and Vivo-India had been in talks to launch a three way partnership in India a decade in the past, he had nothing to do with the Chinese language agency or its representatives since 2014.
“He has not derived any financial profit, nor has he engaged in any transaction with Vivo or any entity allegedly associated to Vivo, not to mention having been related to any alleged ‘proceeds of crime’,” Rai’s lawyer informed the court docket.
The company filed an enforcement case data report (ECIR), the ED equal of a police FIR, on February three after finding out a Delhi Police FIR of December final 12 months towards an related firm of vivo, Grand Prospect Worldwide Communication Pvt Ltd (GPICPL), its administrators, shareholders and a few others professionals.
The police criticism was filed by the Company Affairs Ministry alleging that GPICPL and its shareholders used “cast” identification paperwork and “falsified” addresses on the time of incorporation of the corporate in December 2014.
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