ED accuses Vivo of attempting to undermine the nation’s integrity by engaging in money laundering

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Enforcement Directorate (ED), India’s anti-money laundering watchdog, has alleged that Vivo India’s bank accounts are involved in money laundering, which is an attempt to destabilise the country’s financial system and threaten the nation’s integrity and sovereignty.

Last week, the agency filed an affidavit in the Delhi High Court against 22 companies connected to the Chinese company’s Indian unit. It was claimed that Vivo laundered a’suspicious’ amount of money to China. “It is being investigated,” according to the affidavit. The ED also drew parallels between these companies’ activities and that of a Vivo distributor in Jammu and Kashmir, Grand Prospect International Communication Private Limited (GPICPL), which forged documents to claim to be a Vivo subsidiary.

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ED accuses Vivo of attempting to undermine the nation’s integrity by engaging in money laundering

Enforcement Directorate (ED), India’s anti-money laundering watchdog, has alleged that Vivo India’s bank accounts are involved in money laundering, which is an attempt to destabilise the country’s financial system and threaten the nation’s integrity and sovereignty.

Last week, the agency filed an affidavit in the Delhi High Court against 22 companies connected to the Chinese company’s Indian unit. It was claimed that Vivo laundered a’suspicious’ amount of money to China. “It is being investigated,” according to the affidavit. The ED also drew parallels between these companies’ activities and that of a Vivo distributor in Jammu and Kashmir, Grand Prospect International Communication Private Limited (GPICPL), which forged documents to claim to be a Vivo subsidiary.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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