Vivo India, in an affidavit submitted to the Delhi High Court has said that it hasn’t laundered money or gotten involved in acts of financial terrorism. Instead, the company has said that it has contributed towards the economic stability and financial integrity of the country.

According to a report by The Economic Times, the company in its documents submitted to the court said that it has a legitimate basis for its remittances. Vivo India said that those remittances were used for procuring raw material and other services that are needed by its mobile manufacturing business in India. The company in its affidavit said that it procures components such as printed circuit boards and motherboards for manufacturing in India and that it duly pays its suppliers for the same.

On the matter of sending money to China to evade taxes in India, the company said that it pays the due custom duties for importing components from China and other countries.

On the issue of an alleged case of money laundering by a Jammu and Kashmir-based third-party seller, Vivo said that Grand Prospect International Communication PVT LTD (GPICPL) is an ‘independent third-party that Vivo India users distributing/reselling its products in Himachal Pradesh and Jammu & Kashmir’ and that the company cannot be held liable for any misconduct on part of the firm. It also said that two Chinese nationals linked with GPICPL are not linked with Vivo India in anyway.

As far as 22 additional companies linked to Vivo India that are being investigated by ED are concerned, the company said that are independent third-party legal entities that are in a legitimate contractual agreement with the company and that they have no shareholding in the company. The company said that it was unaware of any alleged fund being transferred these companies to China.

Vivo, in its affidavit to the Delhi HC said that it has proposed investments of Rs 6,090 crore in Uttar Pradesh and that freezing its bank accounts by ED had made it impossible for the company to utilise its funds for its business operations that were heading toward “certain civil and commercial death”.

The affidavit filed by Vivo India comes just days after the ED via an affidavit told the Delhi HC that Vivo India had indulged in money laundering in India to destabilise the financial system and challenge the integrity and sovereignty of the country.

The post Vivo India refutes ED’s claims of money laundering in India: Check details appeared first on BGR India.



Leave a Reply

Your email address will not be published.

Generated by Feedzy