The Delhi High Court on Friday directed the Enforcement Directorate (ED) Chinese smartphone maker VivoNo. (Vivo) The freeze was directed to take a decision by July 13 after considering the company’s submission seeking permission to operate bank accounts. Justice Yashwant Verma also asked ED counsel Joheb Hussain to take directions on Vivo’s application challenging the freezing of his bank accounts. The Chinese company had approached the High Court challenging the ED’s July 5 order, in which all its bank accounts were frozen.
9 bank accounts were frozen
Senior advocates Siddharth Luthra and Siddharth Agarwal, appearing for Vivo, argued that the nine bank accounts which have been frozen and have deposits of about Rs 250 crore. Proponents of her case have been working to make the actual transcript of this statement available online. Proponents of her case have been working to make the actual transcript of this statement available online. “Without worrying about the business model, where the resources, where the money is coming from, where it is going, this move could be fatal for them,” Agarwal said.
1.20 lakh crore in 2 years
Opposing the petition, the ED said the agency had evidence that the firm had earned about Rs 1.20 lakh crore in the last two years, but did so to avoid paying taxes. Hussein, the ED’s lawyer, said there were “serious concerns” about the performance of Vivo and its subsidiaries. The ED searched 48 locations related to the company in a nationwide search, but in one place the search was completed, the company did not cooperate.
Let me tell you that during the week, the ED conducted searches at several places related to Vivo and its affiliates such as Oppo and Xiaomi in connection with the money laundering case. R. was noted. It was alleged that the shareholders of the distribution company had forged documents for money laundering.
One new revelation after another is coming up about the Chinese smartphone company Vivo. The ED had yesterday informed that the Indian unit of the Chinese company had sent half of its total turnover out of India for tax evasion. This amounts to Rs 62,476 crore. Most of this money has been sent back to China. Recently, the ED raided more than 40 locations in 22 states against Vivo and Vivo-related companies. The ED also said that employees of Vivo and its subsidiaries, including some Chinese nationals, were not cooperating in the investigation.
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