Home Business ED Recordsdata First Cost Sheet Towards Chinese Smartphone Maker Vivo-India, Others

ED Recordsdata First Cost Sheet Towards Chinese Smartphone Maker Vivo-India, Others

ED Recordsdata First Cost Sheet Towards Chinese Smartphone Maker Vivo-India, Others

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New Delhi: The Enforcement Directorate filed its first cost sheet in reference to its cash laundering probe in opposition to Chinese smartphone maker vivo-India and a few others, official sources mentioned on Thursday.

The prosecution criticism has been filed earlier than a particular court docket right here on Wednesday underneath the prison sections of the Prevention of Money Laundering Act and vivo-India has been named an accused other than these arrested on this case, the sources advised PTI.

The federal probe company arrested 4 individuals, together with the MD of the Lava International cell firm Hari Om Rai, on this investigation. The others who have been taken into custody have been Chinese nationwide Guangwen alias Andrew Kuang, Chartered Accountants Nitin Garg and Rajan Malik.

The ED had then claimed in its remand papers earlier than an area court docket right here that the alleged actions of the 4 enabled vivo-India to make wrongful positive aspects that have been detrimental to the financial sovereignty of India.

It had raided vivo-India and its linked individuals in July final yr, claiming to have busted a serious cash laundering racket involving Chinese 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 firm had mentioned that it “firmly adheres to its ethical principles and remains dedicated to legal compliance.” Rai had lately advised a court docket right here that although his firm and vivo-India have been in talks to launch a three way partnership in India a decade in the past, he had nothing to do with the Chinese agency or its representatives since 2014.

“He has not derived any monetary benefit, nor has he engaged in any transaction with vivo-India or any entity allegedly related to vivo, let alone having been associated with any alleged ‘proceeds of crime’,” Rai’s lawyer advised the court docket.

The company filed an enforcement case info report (ECIR), the ED equal of a police FIR, on February 3 after learning a Delhi Police FIR of December final yr in opposition to an related firm of vivo-India, Grand Prospect International Communication Pvt Ltd (GPICPL), its administrators, shareholders and a few others professionals.

The police criticism was filed by the Corporate Affairs Ministry alleging that GPICPL and its shareholders used “forged” identification paperwork and “falsified” addresses on the time of incorporation of the corporate in December 2014.

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Content Source: zeenews.india.com

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