ED custody of three Vivo-India executives extended by one day
The Hindu
The ED had sought further custody of the accused for four days but the court granted it only one day.
A Delhi court on Friday extended the Enforcement Directorate (ED) custody of three vivo-India executives for one day. The accused were booked in a money laundering case against the Chinese smartphone maker.
The ED custody of interim CEO of vivo-India Hong Xuquan, Chief Financial Officer Harinder Dahiya and consultant Hemant Munjal was extended. The court has earlier given six days’ custody of the accused to the ED and they were produced before judge on the expiry of the same.
Also Read | Explained | Why is the ED looking into the operations of Chinese smartphone maker Vivo?
The ED had sought further custody of the accused for four days but the court granted it only one day.
The agency had earlier arrested four persons — mobile company Lava International’s MD Hari Om Rai, Chinese national Guangwen alias Andrew Kuang, and chartered accountants Nitin Garg and Rajan Malik — in the case. They are in judicial custody.
Also Read | India accuses China’s Vivo of visa violations, siphoning off $13 billion
The investigative agency, in a 400-page charge sheet, alleged that vivo-India remitted almost 50% of the sale proceeds overseas, mainly to China, to disclose huge losses in several domestically incorporated companies to avoid payment of taxes in India.
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