NEW DELHI (Reuters) – India’s financial crime agency said on Thursday it has blocked 119 bank accounts linked to Vivo’s India business which were holding 4.65 billion rupees ($58.76 million), as part of a probe into alleged money laundering by the Chinese smartphone maker.
The Enforcement Directorate said it raided 48 locations of Vivo and its 23 related entities this week, alleging that sale proceeds of Vivo India were transferred out of India to show losses and avoid paying taxes.
($1 = 79.1400 Indian rupees)
(Reporting by Aditya Kalra and Abhirup Roy; Editing by Frank Jack Daniel)
