Vivo Top Executives Summoned by Delhi Court in INR 20,241 Cr Money Laundering Case
In a significant development, a Delhi court has summoned top executives of Chinese smartphone giant Vivo, including Global CEO Shen Wei, CFO Chen Yu Fen, and India CEO Zhiyong Chen, in connection with a massive INR 20,241 crore money laundering case. The summons follows a supplementary chargesheet filed by the Enforcement Directorate (ED).
Court Summons in High-Profile Money Laundering Probe
Additional Sessions Judge Kiran Gupta issued the order, directing the executives to appear in court on May 13, as per a report from Press Trust of India (PTI). The court’s decision comes amid the ongoing investigation by the ED into alleged financial irregularities involving Vivo’s Indian operations.
The supplementary chargesheet reportedly outlines the role of the top leadership in orchestrating a sophisticated financial network designed to move large sums of money out of India through shell companies and other unauthorized channels.
Allegations Against Vivo Leadership
According to the ED’s findings, Shen Wei and Zhiyong Chen played pivotal roles in structuring a web of entities that were allegedly used to launder money and siphon funds abroad. The agency has accused Vivo of creating an elaborate network of companies, many of which were based in India but controlled remotely.
These entities were allegedly used to disguise the flow of money, making it difficult to trace its origin and final destination. This modus operandi has raised serious concerns among Indian financial authorities, prompting a deeper probe into foreign-controlled businesses operating in the country.
Background of the Case
The money laundering investigation against Vivo India began in 2022, when the ED conducted raids on the company’s offices and those of its associated entities. The agency claimed that Vivo had illegally transferred nearly INR 62,000 Cr out of India, of which INR 20,241 Cr is under direct scrutiny in the current case.
These alleged transactions were done in violation of India’s Foreign Exchange Management Act (FEMA) and Prevention of Money Laundering Act (PMLA).
Rising Scrutiny on Chinese Firms
This summons adds to the growing regulatory scrutiny of Chinese tech firms in India, particularly in the aftermath of rising geopolitical tensions between the two nations. Companies like Xiaomi, Huawei, and Vivo have come under the radar of Indian authorities for alleged tax evasion, customs violations, and money laundering.
The Indian government has reiterated its commitment to ensuring that all foreign companies adhere strictly to domestic financial and compliance regulations.
What’s Next?
With the summons now issued, all eyes are on the May 13 hearing, which could potentially lead to further legal proceedings or enforcement actions against Vivo’s leadership. The outcome could have significant implications not just for Vivo, but for the broader landscape of foreign tech operations in India.
As the case unfolds, it serves as a stark reminder of the importance of transparency, legal compliance, and regulatory oversight in cross-border business operations.
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