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Vivo sent Rs 62,476 cr turnover to China: ED
This money is almost half of Vivo’s turnover of Rs 1,25,185 crore, it said without stating the time period of the transaction. The action is being seen as part of the Union government’s steps to tighten checks on Chinese entities.
NEW DELHI: 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 1,25,185 crore, it said without stating the time period of the transaction. The action is being seen as part of the Union government’s steps to tighten checks on Chinese entities.
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