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Money laundering inquiry seizes $58 million from Vivo India


Vivo India’s 40 offices were raided by the Enforcement Directorate of India, who provided information regarding the investigation. Approximately $8 billion worth of Indian rupees was sent to China, according to a corporate news statement.

There were also 2 kilogram of gold bars, INR 66 crore in FDs and INR 73 lakh (less than $100,000) in cash taken from the bank accounts during the inquiry.

An Enforcement Directorate notification indicated that Vivo India routed almost half of its revenues to China. An attempt was made to avoid paying taxes by disclosing large losses suffered by Indian-incorporated corporations.


Directorate reported that “certain Chinese nationals,” without revealing any names, deleted and buried digital proof of money laundering. Zhengshen Ou and Zhang Jie departed the country.

In order to make the money transactions, vivo India, a subsidiary of the Hong Kong-based shell business, used smaller companies in each major Indian area that functioned independently, at least on paper. They then transferred all earnings to vivo India, a subsidiary that then transferred those monies back the parent corporation.

“Vivo has been collaborating with authorities and is dedicated to complete compliance with Indian law,” brand officials in India claim. “A completely fair and non-discriminatory business environment” is the goal of the parent firm in China throughout the continuing investigations.


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