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Home»Tech News»India raids Vivo offices over money laundering allegations – DailyTech
Tech News

India raids Vivo offices over money laundering allegations – DailyTech

July 6, 2022No Comments2 Mins Read
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India raids Vivo offices over money laundering allegations – TechCrunch
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India’s anti-money laundering company raided greater than 40 workplaces of Chinese language phone-maker Vivo throughout the nation on Tuesday over allegations of cash laundering, the newest in a collection of developments illustrating the rising murky relationship between New Delhi and companies of China origin.

The Enforcement Directorate searched Vivo’s workplaces throughout the states of Uttar Pradesh, Bihar, Madhya Pradesh and Maharashtra, in response to native media reviews.

In a press release, a Vivo spokesperson informed DailyTech that the agency was cooperating with the authorities.

“Vivo India is cooperating with the authorities to offer them with all required data. As a accountable company, we’re dedicated to being totally compliant with legal guidelines in India,” the spokesperson mentioned, with out elaborating particulars of ED’s proceedings.

The ED has been looking for to research whether or not Vivo had any “important irregularities in possession and monetary reporting” for a number of months, Bloomberg reported in April.

In the identical month, the ED seized $725 million from Xiaomi India alleging that the corporate had illegally remitted cash in title of royalties upon “directions from directions of their Chinese language guardian group entities.”

Xiaomi refuted these prices and individually mentioned its government confronted “bodily violence” threats in the course of the investigation, Reuters reported earlier. The corporate additionally challenged the enforcement company’s ruling in Karnataka Excessive Courtroom, and the choice is at present pending.

India Mobile and Electronics Affiliation, a foyer group that represents a number of tech giants together with Apple, Google and Amazon, in Might urged New Delhi to intervene and alleged that ED lacked understanding of how royalty funds in tech enterprise labored.

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The raids observe a geopolitical pressure brewing between the 2 nuclear-armed, neighboring nations.

India banned over 200 Chinese language apps together with TikTok and PUBG Cellular in mid-2020 over nationwide safety issues shortly after a skirmish on the border between the armed forces of the 2 international locations.

The South Asian market, which has formally by no means recognized China in its block orders, has up to now averted any extreme restrictions on Chinese language smartphone makers.

Chinese language smartphone makers proceed to dominate the Indian market. 4 of the highest 5 producers in India have been Chinese language within the quarter that resulted in March; Xiaomi maintains the tentpole place whereas Vivo ranks fourth on the chart, in response to analysis agency Counterpoint.

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