VIVO India Embroiled In A Major Tax Fraud

By: Rohit Yadav

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Updated on: 08-Jul-2022

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"These companies are found to have transferred huge amounts of funds to Vivo India. Further, out of the total sale proceeds of Rs 1,25,185 crore, Vivo India remitted Rs 62,476 crore or almost 50 per cent of the turnover out of India, mainly to China," the ED said in its statement. The remittance was made to disclose huge losses to avoid payment of taxes.

Funds worth Rs. 465 crores, kept in 119 bank accounts by various entities were seized in raids held at 48 locations of Vivo Mobiles India Pvt. Ltd. and their associated companies on July 5th.

These actions are due to the Union Government’s step to tighten the check on such Chinese entities and their Indian operatives indulging in such money laundering and tax evasion schemes operating in India.