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Trouble mounts for Vivo as three more officials in ED net

Inc42 · 1y ago

Trouble mounts for Vivo as three more officials in ED net

The Enforcement Directorate (ED) has made three more arrests in connection with its probe against Chinese smartphone makers, including Vivo. This comes after the ED filed a chargesheet against Vivo under the Prevention of Money Laundering Act (PMLA), alleging that the company diverted nearly INR 1 lakh crore from India to overseas through shell companies. Earlier, four individuals were detained under the PMLA related to Chinese smartphones, including Lava International MD Hari Om Rai. The government has also halted the export of 27,000 Vivo phones from India.

Related News

ED gets 3-day custody of top Vivo India execs

Livemint

Livemint · 1y ago

ED gets 3-day custody of top Vivo India execs

Vivo India's interim CEO, CFO, and consultant have been arrested by the Enforcement Directorate (ED) on charges of money laundering. They have been remanded to custody for three days. The arrests were made due to their alleged involvement in acquiring proceeds of crime amounting to ₹20,241 crore. The executives are accused of not cooperating with authorities. This comes after the arrest of four industry executives in October, including a Chinese national, for alleged wrongdoings by the Chinese smartphone maker in India. The ED had raided Vivo India last year for its involvement in a money-laundering racket.

ED files first chargesheet against Chinese smartphone maker Vivo-India, others

Livemint

Livemint · 1y ago

ED files first chargesheet against Chinese smartphone maker Vivo-India, others

The Enforcement Directorate (ED) has filed its first chargesheet against Chinese smartphone maker Vivo and others in connection with a money laundering probe. Vivo-India has been named as an accused, along with those already arrested in the case. The ED alleges that Vivo-India siphoned off $13 billion abroad, causing wrongful gains detrimental to India's economic sovereignty. The probe agency had raided Vivo-India and its linked persons last year, claiming to have uncovered a major money laundering racket involving Chinese nationals and multiple Indian companies.

India's Enforcement Directorate arrests Vivo Mobile executives

Reuters · 1y ago

India's Enforcement Directorate arrests Vivo Mobile executives

Four executives of China-owned Vivo Mobile, including a Chinese national, have been arrested by India's Enforcement Directorate (ED). The details and reasons for the arrests have not been disclosed yet. Vivo Mobile and the ED have not provided any comments regarding the matter.

Vivo money laundering case: China breaks silence on arrest of citizens

Livemint

Livemint · 1y ago

Vivo money laundering case: China breaks silence on arrest of citizens

Chinese authorities have responded to the recent arrests made by the Enforcement Directorate (ED) in connection with a money laundering probe involving Vivo India employees. The Chinese foreign ministry stated that China would provide "consular protection" to its citizens arrested in India and emphasized the need for a fair and transparent business environment. The ED had recently arrested Vivo-India's interim CEO, CFO, and a consultant, alleging illegal activities that resulted in monetary gains for the company. Vivo has expressed concern over the arrests, calling it harassment.

ED quizzes Paytm Payments Bank officials

Economic Times

Economic Times · 1y ago

ED quizzes Paytm Payments Bank officials

The Enforcement Directorate (ED) has questioned officials from Paytm Payments Bank as part of a probe into alleged violations of the Foreign Exchange Management Act (FEMA). The ED has requested more information and documents from the executives, who have so far complied with the agency's requests. Government officials have indicated that there have been no clear violations of FEMA thus far. The ED has also held a meeting with the Reserve Bank of India (RBI) to discuss entities that are said to have violated FEMA and other norms.

EaseMyTrip denies direct or indirect association with Mahadev betting app

Entrackr

Entrackr · 4m ago

EaseMyTrip denies direct or indirect association with Mahadev betting app

EaseMyTrip on Thursday said that it has no direct or indirect connection with the Mahadev online betting app. This statement comes after the Enforcement Directorate (ED) conducted searches in multiple states on Wednesday as part of its ongoing investigation into the case. According to the company, the ED searched more than 50 locations linked to various individuals and businesses. One of these locations was the premises of EaseMyTrip’s founder and chairman Nishant Pitti. In a stock exchange filing, a company spokesperson said that EaseMyTrip is not connected to the Mahadev Betting App or any other betting platform. The company also said it will continue to cooperate with authorities during the investigation. The Mahadev app is alleged to have provided platforms for creating user accounts, enrolling users, and managing funds through fake bank accounts. The ED has previously identified Sourabh Chandrakar and Ravi Uppal—both reportedly from Chhattisgarh—as the main individuals behind the app. The agency also suspects that several senior politicians and government officials from Chhattisgarh may be involved in the app's operations and related money transfers. The investigation remains ongoing.

Google officials depose before ED in online betting linked PMLA case - The Economic Times

Economic Times

Economic Times · 27d ago

Google officials depose before ED in online betting linked PMLA case - The Economic Times

Google officials appeared before the Enforcement Directorate (ED) for questioning in a money laundering investigation related to the promotion of illegal online betting and gambling platforms. While Meta executives did not attend, Google confirmed its commitment to platform safety and cooperation with authorities. The ED is probing several illegal platforms and how they advertise on tech portals. Google stated it removes millions of ads and suspends advertiser accounts to ensure compliance with local laws.

EaseMyTrip co-founder Nishant Pitti under ED scanner in Mahadev App case

Entrackr

Entrackr · 4m ago

EaseMyTrip co-founder Nishant Pitti under ED scanner in Mahadev App case

The Enforcement Directorate (ED) on Wednesday carried out searches in multiple states as part of its probe into the Mahadev online betting app case, news agency PTI reported. The raids included the premises of EaseMyTrip founder and chairman Nishant Pitti. Citing unnamed officials, the report added that the searches were held in Delhi, Mumbai, Chandigarh, Ahmedabad, Indore, Jaipur, Chennai, and Sambalpur. The ED is investigating alleged money laundering linked to the Mahadev app, which is said to have been used for illegal betting activities. The Mahadev app is reported to have provided platforms for creating user accounts, enrolling new users, and handling funds through fake bank accounts. The ED has earlier claimed that the app’s promoters, Sourabh Chandrakar and Ravi Uppal, are from Chhattisgarh. The agency has also said that many senior politicians and government officers from Chhattisgarh may be involved in the operation and money transfers connected to the app. This is not the first time the ED has conducted raids in this case. Earlier searches were also held at various locations as part of the ongoing investigation.

Fed Officials Keep Options Open for December Rate Decision

Livemint

Livemint · 8m ago

Fed Officials Keep Options Open for December Rate Decision

Three officials from the Federal Reserve have indicated that they expect interest rates in the US to continue to be cut in the next year but have stopped short of committing to a cut later this month. The officials cited strong economic conditions and the need for more data before making a decision on a rate cut. The Federal Reserve has already reduced rates by three-quarters of a percentage point since September. The next meeting of the Federal Open Market Committee will take place on 17-18 December.

Money laundering case: Delhi court summons foreign, Indian officials of Vivo

Economic Times

Economic Times · 3m ago

Money laundering case: Delhi court summons foreign, Indian officials of Vivo

A Delhi court has summoned Vivo officials, including its CEO Shen Wei, CFO Chen Yu Fen, and India CEO Zhiyong Chen, in a money laundering case involving Rs 20,241 crore. The court deemed there was enough evidence to proceed, linking these officials to a complex company structure aimed at siphoning off funds to China. The Enforcement Directorate's charges claim the creation of multiple false entities to facilitate fund transfers under the guise of goods importation.

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