Vivo India’s interim CEO among 3 execs held by ED | India News – Times of India

 Vivo India's interim CEO among 3 execs held by ED | India News - Times of India

New Delhi: Enforcement Directorate (Ed) has arrested a Chinese phone maker. Vivo IndiaInterim CEO in India, Hong Suquanaka TerryAmong the three high-profile individuals detained on Saturday in its ongoing money laundering case, where the agency has alleged that the company laundered more than Rs 62,000 crore in illegal remittances.
Sources said that there are two other persons arrested in this case. Harinder DahiyaCFO of Vivo India, and company consultant Hemant Munjal. The investigation is on as the agency will further interrogate the accused in custody. He was produced in court which sent him to ED custody for three days.
In October, the ED arrested four people, including a Chinese national, Guang Wenqiang, alias Andrew Kuang; Hari Om Roy, MD of Lava International – a leading Indian phone manufacturer; and Vivo’s Chartered Accountant Nitin Garg. All four accused are in judicial custody. The ED has also filed a charge sheet in the case in the first week of this month. The ED is probing suspicious transactions worth over Rs 62,000 crore, which the company sent to China since 2014 out of receipts of Rs 1.25 lakh crore from its Indian operations. According to sources. The ED’s money laundering case is based on an FIR registered by the Delhi Police which is probing alleged fake addresses registered by a Chinese company for its Indian subsidiaries.
Last year, searches by the ED at premises linked to Vivo sparked a diplomatic row when the Chinese Foreign Ministry and its embassy in India issued statements that it was investigating Indian agencies investing and operating in India. They are damaging the confidence of foreign institutions.

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