Vivo India remitted about 50% of its turnover to China to avoid taxes: ED

ED seizes funds of Rs 465 crore, Rs 73 lakh in cash and 2 kg gold under anti-money laundering law after raids on Vivo

A whopping Rs 62,476 crore has been "illegally" transferred by smartphone maker Vivo to China in order to avoid payment of taxes in India, the Enforcement Directorate said Thursday, as it claimed to have busted a major money laundering racket involving Chinese nationals and multiple Indian companies.

This money is almost half of Vivo's turnover of Rs 1.25 trillion, it said without stating the time period of the transaction.

The crackdown on the leading Chinese company came after the federal probe agency found that three Chinese nationals, all of whom "left" India during 2018-21, and one other person from that country incorporated