AIRLINK 59.90 Decreased By ▼ -0.80 (-1.32%)
BOP 6.22 Decreased By ▼ -0.08 (-1.27%)
CNERGY 4.65 Increased By ▲ 0.26 (5.92%)
DFML 15.98 Decreased By ▼ -0.21 (-1.3%)
DGKC 70.18 Decreased By ▼ -0.02 (-0.03%)
FCCL 17.89 Decreased By ▼ -0.13 (-0.72%)
FFBL 26.30 Decreased By ▼ -0.20 (-0.75%)
FFL 9.12 Decreased By ▼ -0.13 (-1.41%)
GGL 10.05 Decreased By ▼ -0.25 (-2.43%)
HBL 115.93 Increased By ▲ 0.93 (0.81%)
HUBC 115.75 Increased By ▲ 0.20 (0.17%)
HUMNL 6.80 Decreased By ▼ -0.28 (-3.95%)
KEL 4.89 Decreased By ▼ -0.11 (-2.2%)
KOSM 5.47 Increased By ▲ 0.02 (0.37%)
MLCF 38.80 Decreased By ▼ -0.03 (-0.08%)
OGDC 127.80 Increased By ▲ 2.19 (1.74%)
PAEL 21.60 Decreased By ▼ -0.30 (-1.37%)
PIAA 13.80 Increased By ▲ 1.00 (7.81%)
PIBTL 5.95 Decreased By ▼ -0.27 (-4.34%)
PPL 114.20 Decreased By ▼ -2.30 (-1.97%)
PRL 28.80 Increased By ▲ 0.44 (1.55%)
PTC 12.25 No Change ▼ 0.00 (0%)
SEARL 50.39 Decreased By ▼ -1.86 (-3.56%)
SNGP 66.80 Decreased By ▼ -0.90 (-1.33%)
SSGC 11.23 Decreased By ▼ -0.21 (-1.84%)
TELE 8.06 Decreased By ▼ -0.17 (-2.07%)
TPLP 11.41 Decreased By ▼ -0.21 (-1.81%)
TRG 74.33 Increased By ▲ 2.33 (3.24%)
UNITY 22.91 Decreased By ▼ -1.14 (-4.74%)
WTL 1.35 No Change ▼ 0.00 (0%)
BR100 6,770 Decreased By -19.3 (-0.28%)
BR30 22,845 Decreased By -232.4 (-1.01%)
KSE100 65,726 Decreased By -225.7 (-0.34%)
KSE30 22,285 Decreased By -132.2 (-0.59%)

MUMBAI: India’s financial crime-fighting agency on Tuesday raided the offices of smartphone maker Vivo, owned by China’s BBK Electronics, and its related entities, a senior government official and an industry executive told Reuters.

The searches by the Enforcement Directorate are part of an investigation into suspected money laundering, local media reported.

“Vivo is cooperating with the authorities to provide them with all required information,” a Vivo spokesperson said in an emailed statement. “As a responsible corporate, we are committed to be fully compliant with laws.”

The Directorate did not respond to requests for comment.

The sources declined to be named as the probe is not public.

Xiaomi inaugurates smartphone manufacturing facility in Pakistan

The raids at Vivo come months after the Enforcement Directorate launched an investigation into Xiaomi Corp , one of India’s leading smartphone sellers, for alleged illegal remittances abroad “in the guise of royalty” payments.

Xiaomi has denied any wrongdoing, and alleged in court that its top executives faced threats of “physical violence” and coercion during questioning by officials at the Directorate. The agency denied the allegations.

Many Chinese companies have struggled to do business in India due to political tensions following a border clash in 2020. India has cited security concerns in since banning more than 300 Chinese apps, and also tightened norms for Chinese companies investing in India.

Xiaomi beats estimates with 21.4% rise in Q4 revenue

Comments

Comments are closed.