Chinese firm assures corporation with ED authorities in money laundering probe
Jul 05, 2022
New Delhi [India], July 5 : After the Enforcement Directorate conducted raids at various locations across the country in a money-laundering probe, the Chinese firm on Tuesday said that it is corporating with authorities to provide them with all the required information.
"The Chinese firm is cooperating with the authorities to provide them with all required information. As a responsible corporate, we are committed to being fully compliant with laws," the organization's spokesperson said in an official statement.
The Enforcement Directorate (ED) on Tuesday conducted searches at 40 locations in Uttar Pradesh, Madhya Pradesh and some southern states in connection with a case linked to a Chinese firm.
Multiple ED teams have been conducting simultaneous raids since morning, said sources, adding the case is already being investigated by the Central Bureau of Investigation (CBI).
IT department, as well as the Ministry of Corporate Affairs, are also keeping a close eye on the Chinese manufacturing firms. The ED raid is an extension of the probe against Chinese firms.
The ED conducted these searches with respect to 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 an investigation into other China-based firms.
Ministry of Corporate Affairs is learned to have a special 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".
