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Kerala Kaumudi Online
Thursday, 28 March 2024 7.24 PM IST

Rs 62476 crore due to India transferred to China; ED nabs Vivo, finds Rs 465 crore investment in nation-wide raids

vivo

NEW DELHI: It has been discovered that Vivo Mobile India Pvt Ltd, the Indian wing of the Chinese smartphone manufacturer Vivo, has shifted around fifty percent of its turnover to China. The ED has found that Vivo transferred the amount due to India and related taxes to China.

Vivo transferred Rs 62,476 crore turnover to China. Vivo paid the huge amount of tax in China without paying it in India. ED's assessment is that Vivo deliberately made such a move to avoid paying taxes in India.

The investigating officers stated that in the raid conducted across the country related to this, Rs 465 crore kept in 119 bank accounts and two kg gold bars worth Rs 73 lakhs were seized. All these investments were made in the name of Vivo Mobile India Private Limited and its 23 subsidiaries.

Investigators revealed that former Vivo director Bin Lou, whom ED believes was behind the scam, had left India in 2018. It was also found that before leaving the country he merged companies which are now under ED surveillance under Vivo Mobile India.

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TAGS: VIVO, CHINA, ED, RAID, TAX, MOBILE
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