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HomeNewsExecutives of Vivo India Awarded Bail in Money Laundering Case

Executives of Vivo India Awarded Bail in Money Laundering Case

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A Delhi court has granted bail to three executives of Vivo India, a Chinese smartphone manufacturer, who were detained on suspicion of money laundering. The court placed conditions on their release despite ruling that their imprisonment was unlawful because of a procedural error.

On December 21, the Enforcement Directorate (ED) detained the executives, who included consultant Hemant Munjal, CFO Harinder Dahiya, and temporary CEO Hong Xuquan. The three, however, had insisted that they were detained on December 21 rather than December 22, as the ED had noted.

Due to a technicality, the court determined that their incarceration was unlawful because they were supposed to appear before a judge within twenty-four hours of their arrest. As a result, the executives were granted bail by the court with a Rs 2 lakh bond each.

The ED, however, asked that the executives return to the agency every day till January 3rd due to their expressed concern that they would tamper with the evidence or influence witnesses. The Delhi High bench will reopen its session in the new year, and the ED plans to contest the bail ruling, the bench noted as it granted this condition.

This case is the result of a more extensive investigation by Vivo India into possible money laundering. According to the ED, the corporation violated India’s economic sovereignty by allegedly transferring an astounding Rs 62,476 crore to China in order to avoid paying taxes. In July 2023, the agency searched Vivo India and its associates, which resulted in the arrest of four people, including the three executives who were just released on bond.

The investigation and related legal actions are still underway, with Vivo India probably defending itself against the allegations of money laundering and the ED attempting to appeal the bail ruling. Since this issue has a big impact on India’s financial regulations as well as the tech sector, it is still being closely monitored.

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