AIRLINK 55.02 Decreased By ▼ -0.38 (-0.69%)
BOP 6.27 Increased By ▲ 0.22 (3.64%)
CNERGY 3.94 Decreased By ▼ -0.01 (-0.25%)
DFML 15.63 Decreased By ▼ -0.88 (-5.33%)
DGKC 65.52 Increased By ▲ 0.77 (1.19%)
FCCL 17.00 Decreased By ▼ -0.10 (-0.58%)
FFBL 24.35 Increased By ▲ 0.20 (0.83%)
FFL 8.99 Decreased By ▼ -0.16 (-1.75%)
GGL 9.52 Decreased By ▼ -0.08 (-0.83%)
HBL 110.00 Decreased By ▼ -0.67 (-0.61%)
HUBC 113.09 Increased By ▲ 2.09 (1.88%)
HUMNL 6.32 Decreased By ▼ -0.16 (-2.47%)
KEL 4.26 Decreased By ▼ -0.06 (-1.39%)
KOSM 3.11 Decreased By ▼ -0.04 (-1.27%)
MLCF 36.34 Increased By ▲ 0.29 (0.8%)
OGDC 113.01 Decreased By ▼ -3.01 (-2.59%)
PAEL 22.00 Decreased By ▼ -0.30 (-1.35%)
PIAA 11.10 Decreased By ▼ -0.02 (-0.18%)
PIBTL 5.49 Increased By ▲ 0.09 (1.67%)
PPL 102.39 Decreased By ▼ -2.37 (-2.26%)
PRL 25.18 Decreased By ▼ -0.30 (-1.18%)
PTC 9.48 Decreased By ▼ -0.11 (-1.15%)
SEARL 49.62 Increased By ▲ 3.25 (7.01%)
SNGP 63.02 Decreased By ▼ -0.23 (-0.36%)
SSGC 10.80 Decreased By ▼ -0.08 (-0.74%)
TELE 6.93 Increased By ▲ 0.13 (1.91%)
TPLP 11.55 Decreased By ▼ -0.07 (-0.6%)
TRG 67.64 Increased By ▲ 1.35 (2.04%)
UNITY 20.61 Increased By ▲ 1.31 (6.79%)
WTL 1.21 Decreased By ▼ -0.03 (-2.42%)
BR100 6,163 Decreased By -5.2 (-0.08%)
BR30 20,982 Increased By 16.7 (0.08%)
KSE100 60,464 Increased By 4.5 (0.01%)
KSE30 20,298 Decreased By -49.3 (-0.24%)

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.