Vivo Cell case: The Enforcement Directorate (ED) has arrested 4 folks, together with a Chinese language nationwide and the MD of Lava Worldwide in reference to its probe into an alleged cash laundering case by Vivo India executives. As per experiences, the company has arrested 4 accused, together with a Chinese language nationwide Guangwen Kyang aka Andrew Kuang; the MD of Lava Worldwide Hari Om Rai; Rajan Malik, and a Chartered Accountant (CA) Nitin Garg.
In keeping with the detailed shared by the ED, Vivo Mobiles India Pvt Ltd was integrated on August 1, 2014, as a subsidiary of Multi Accord Ltd, a Hong Kong based mostly firm and was registered at ROC Delhi. GPICPL was registered on December 3, 2014, at ROC Shimla, with registered addresses of Solan, Himachal Pradesh and Gandhinagar, Jammu. “The mentioned firm was integrated by Zhengshen Ou, Bin Lou and Zhang Jie with the assistance of Nitin Garg, CA. Bin Lou left India on April 26, 2018. Zhengshen Ou and Zhang Jie left India in 2021,” the monetary probe company wrote in its report.
As per the FIR filed by the Delhi Police, GPICPL and its shareholders had used cast identification paperwork and falsified addresses on the time of incorporation. The allegations have been discovered to be true because the investigation revealed that the addresses talked about by the administrators of GPICPL didn’t belong to them, however in reality it was a authorities constructing and home of a senior bureaucrat.
ED has arrested 4 accused in Vivo Cell case.
1.Guangwen Kyang @Andrew Kuang, Chinese language Nationwide
2. Hari Om Rai, MD of Lava Worldwide.
3. Rajan Malik,
4. Nitin Garg, CA Arrested.
Particulars and Background 👇🏼 pic.twitter.com/Am0l3lNc5j
— Jitender Sharma (@capt_ivane) October 10, 2023
ED’s probe additionally revealed that GPICPL director, Bin Lou, was additionally an ex-director of Vivo and that he had integrated a complete of 18 firms throughout the nation across the identical time, that’s, after the incorporation of Vivo India in 2014-15. The Chinese language Nation Zhixin Wei, alternatively, integrated 4 firms throughout the nation. In its probe, ED discovered that these firms transferred big quantities of funds from Vivo India to China. The company additionally came upon that the corporate made remittances by declaring big losses in India.
“These firms are discovered to have transferred big quantity of funds to Vivo India. Additional, out of the overall sale proceeds of Rs 1,25,185 crores, Vivo India remitted Rs 62,476 crores, i.e. virtually 50 p.c of the turnover out of India, primarily to China,” ED wrote in its report.
“These remittances have been made with the intention to disclose big losses in Indian integrated firms to keep away from cost of taxes in India,” ED added in its probe.
It’s value noting that ED’s motion comes virtually greater than a yr after it carried out searches at 48 areas throughout the nation belonging to vivo Mobiles India Non-public Restricted and its 23 related firms reminiscent of Grand Prospect Worldwide Communication Pvt Ltd (GPICPL).
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