ED conducts raids at 44 places in money laundering case against Vivo & related firms

The Enforcement Directorate (ED) on Tuesday conducted raids at 44 places in money laundering probe against Chinese mobile manufacturing company Vivo & related firms. The raids were conducted in Uttar Pradesh, Madhya Pradesh and Bihar. The raids are said to have been carried out in a money laundering case against Chinese mobile company Vivo and their respective firms. The CBI is already investigating the case. Meanwhile, Chinese mobile companies are on the radar of Income Tax and ED in India. Earlier, investigators seized Xiaomi's assets under FEMA. But it was later stayed by the Karnataka High Court. The raids were carried out by the ED under the Money Laundering Act. Vivo, China's leading mobile phone maker, and some of its affiliates were raided at 44 locations. In May, ZTE Corp and Vivo Mobile Communication Co. The allegations were investigated for alleged financial irregularities.