News Brief
Vivo Faces Heat As ED Exposes Complex Money Laundering Web Violating Indian Laws; China Connection Unveiled
Vivo money laundering case
The Enforcement Directorate (ED) has filed a chargesheet against Vivo China, Vivo India, and several Indian and Chinese nationals in a money laundering case, revealing an intricate web of companies allegedly operating to the detriment of Indian laws and economic sovereignty.
The chargesheet, as reported by Indian Express, claims that Vivo China orchestrated a complex structure using forged identity documents, violating visa rules, and arranging illegal entry for Chinese nationals into India.
ED alleges that Vivo China controlled multiple entities, including Vivo India and its distributor companies, with the ultimate goal of siphoning funds outside of India.
The chargesheet also emphasises the use of a corporate veil to conceal ownership and control, with Vivo China identified as the ultimate controller and beneficial owner.
Emails exchanged between Hari Om Rai, Managing Director of Lava, and Shen Wei, CEO of Vivo China, were cited as evidence of Wei being the decision-maker for both Vivo China and Vivo India.
The ED contends that the entire setup of Vivo group companies was coordinated by Vivo China to cheat Indian government authorities and circumvent various laws for undue gains.
The chargesheet alleges that Chinese nationals, facilitated by Vivo China, entered India using visas in gross violation of Indian visa rules.
So far, the ED has named 48 individuals, including 32 entities and 16 individuals as accused.
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