"Bhaag bhaag DK bose": Vivo directors Zhengshen Ou and Zhang Jie fled from India as ED intensified inquiry into money laundering case against Chinese firm, 44 locations searched across the country, Ministry of Corporate Affairs also keeping a close eye
Chinese directors Zhengshen Ou and Zhang Jie of a firm GPICPL, in association with mobile maker Vivo, fled India last year, an Enforcement Directorate official informed on Thursday.
The official corrected the report, which mentioned that Zhengshen Ou and Zhang Jie were Vivo's directors. They fled when the ED intensified its inquiry into the money laundering case against the Chinese firm and conducted raids over 40 locations in connection with the matter.
"Zhengshen Ou and Zhang Jie are directors of GPICPL, a firm associated with mobile maker Vivo, and they fled last year," the ED official told ANI, requesting anonymity.
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The federal agency on Tuesday conducted searches at more than 40 locations in Uttar Pradesh, Madhya Pradesh, and some southern states in connection with a case linked to Vivo Mobile Communications and some other Chinese firms.
The Central Bureau of Investigation (CBI) has already investigated the case.
IT department and the Ministry of Corporate Affairs are also closely monitoring the Chinese manufacturing firms. The ED raid is an extension of the probe against Chinese firms.
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The ED conducted these searches concerning violations of the Prevention of Money Laundering Act (PMLA).
Sources said that local units of Vivo Mobile Communications are under the radar for alleged financial improprieties as part of the investigation into other China-based firms.
Ministry of Corporate Affairs has learned to focus on potential violations, including fraud.
In the case of Vivo, an inquiry was sought in April this year to detect if there were "significant irregularities in ownership and financial reporting."
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In April, the ED seized Rs 5,551.27 crore of Xiaomi Technology India Private Ltd lying in the bank accounts under the Foreign Exchange Management Act (FEMA) in connection with the illegal outward remittances made by the company.
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