Indian financial crime agency raids Chinese-owned Vivo
There is a piece of news going viral on the internet and many other platforms available for news and other the news is related to the tech firms operating in India but are home-based in different countries and this is the news of the same type of company of china, that is operating in Indian markets for the trade and products it introduces in the Indian market as the recently India and China have a dispute over the borders and china is infiltrating in the Indian territories that are opposed with a violent difference from the India army as the Indian soldiers beat the Chinese forces and make them retreat to china and get hold of is land back from china and in accordance to this issue the Chinese are very much in the problem not only in the military front but also economical front as India is a huge tech consumer and do trade with China for its products of diff commodities continue reading below for the detailed description on BioTV.org
Recent news is as the Indian financial agencies monitor any kind of financial misconduct the enforcement department (ED) has enforced the china based company for the laundry case as it company is involved in some cases of such kind, the director of ED said in his statement on Tuesday that the department has blocked 119 bank accounts that are linked with VIVO, as the VIVO is a Chinese company that is on the target and involved in many laundering activities.
VIVO is implicated by the ED for the 4.65 billion rupees which are equal to $58.76 million us dollars and that sum is identified in the 119 bank accounts of VIVO collectively, it has located its accounts in the 48 in total no of grades at the VIVO offices and other places under suspicion, and 23 accounts have entries of money are from this week and the transferred the money put as loss in trade in India, the name of firm VIVO is in loss incurred in India is proving this to avoid the taxes that are to be paid to Indian government under the trade and tax policy of Indian constitution, as the, Chinese company VIVO is electric gadgets making big firm that have a variety of products powered by electricity the company said it has a full commitment to law and order following and it has cleared all its taxes dues in India follow as Indian law as the statement is released on the media from one of the officials of the VIVO but the investigation is going as the ED had found concrete evidence of money laundering.
Vivo in these 119 accounts across Indian banks has a total sum of this year operations has 50% of the sum that is generated from total sales and the sum is 1251.85 billion rupees, that is equal tot eh Chinese money $ 15.82 billion and set to transfer the. money to china based bank accounts to safeguard the money but the money is tackled by the ED. to avoid the taxes on the payment and to reduce these taxes they provide a statement of the graph that is losses oriented and according to the statement that is showing the sum in the account is justifiable the investigation has been going on for since few months and started in February 2022 when India bans 300 chines companies and online applications operating in India from roots in china, the china smartphone makers are in trouble as the Indian government is strict now and they found the 15% market share company is for the counterpoint research,
As India has a large population and so are the customers for any kind of services in India many Chinese companies digitally or other material providers are operating and providing their services and this conflict with India over borders impacted that and this large no of the population need material and all kind of services and Chinese see India a big market and their economy is having a large amount of part form India previously as India consumes the product from china made but recently the Chinese company are facing the trouble in this process of money laundering.