ED Thursday filed charge sheet in money-laundering probe against Vivo. Allegations against firm include visa fraud. Vivo has maintained that it is ‘cooperating’ with probe.
ED raided vivo-India and its linked persons in July last year, claiming to have busted a major money laundering racket involving Chinese nationals and multiple Indian companies.
Report by Counterpoint Research attributes decline in smartphone shipments to sluggish demand, high inventory buildup & growing consumer preference for refurbished phones.
About 90% of individuals surveyed for the fourth edition of Vivo’s 'Switch Off' study also said that time spent on smartphones was their 'most preferred way' to relax.
Smartphone leaders like Xiaomi, Vivo, Oppo, and Huawei, besides smaller fintech players, are under the scanner of various central agencies for a laundry list of alleged offences.
The ED revealed the information after it carried out searches at 48 premises spanning across the country belonging to Vivo and its 23 associated companies such as GPICPL.
On 5 July, ED conducted searches at more than 40 locations linked to Chinese firms violating the Prevention of Money Laundering Act. China expressed hope the Indian authorities would abide by laws
The Ministry of Corporate Affairs will scrutinise auditor reports and has received information from unnamed sources that indicates potential violation including fraud.
Mini deal will likely see no cut in 10% baseline tariff on Indian exports announced by Trump on 2 April, it is learnt, but additional 26% tariffs are set to be reduced.
India-Russia JV is also racing to deliver 7,000 more AK-203 assault rifles by 15 Aug. These are currently being made with 50% indigenisation and this will surge to 100% by 31 December.
Public, loud, upfront, filled with impropriety and high praise sometimes laced with insults. This is what we call Trumplomacy. But the larger objective is the same: American supremacy.
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