Vivo's India troubles deepen with arrests in money laundering case
Vivo/Representative
In a significant development, the Enforcement Directorate (ED) of India has made a series of arrests linked to Chinese smartphone manufacturer Vivo in an ongoing money-laundering investigation.
The most recent arrest involves a Chinese national employed by Vivo, adding to the company's woes in a crucial market. The arrested individual has been sent to a three-day custody by an Indian court.
According to The Economic Times, the arrested Chinese national, Guangwen Kyang, is also known as Andrew Kuang. In addition to Kuang, Lava International's Managing Director, Hari Om Rai, another company executive named Rajan Malik, and chartered accountant Nitin Garg have been taken into custody.
While the ED sought a ten-day remand for the accused, the court has decided to keep them in custody until October 13.
Vivo hasdenied the allegations,expressing "deep concerns" about the situation and its intent to explore all available legal avenues.
The second-largest smartphone brand in India, commanding a 17 per cent market share, has been embroiled in a series of troubles within the country, casting a shadow on its operations.
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Earlier this month, Indian police formally accused Vivo Mobile of assisting in the illegal transfer of funds to NewsClick, a news portal under investigation for spreading Chinese propaganda.
In August 2022, India's Directorate of Revenue Intelligence (DRI) issued a show-cause notice to Vivo, alleging that the company had evaded taxes amounting to 22.1 billion Indian rupees ($280 million).
Furthermore, in July 2022, India's financial crime agency blocked 119 bank accounts associated with Vivo's India operations and its affiliates, which held 4.65 billion rupees ($58.76 million). This action was taken as part of an investigation into alleged money laundering by the company.
(With inputs from Reuters)
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