Chinese tech firm Vivo denies allegation of money laundering in India

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A man walks past an advertisement of Chinese mobile phone maker VIVO, in Mumbai on June 22. Photo:AFP

Chinese mobile phone brand Vivo denied Indian media allegation of money laundering in the country, saying its committed to be fully compliant with laws in India.

Vivo India is cooperating with the authorities to provide them with all required information. As a responsible corporate, we are committed to be fully compliant with laws in India, the company told Global Times on Tuesday night.

The comment came after Indian news agency PTI said that Indias Enforcement Directorate was conducting raids at 40 locations in Uttar Pradesh, Madhya Pradesh, Bihar, and in southern states, which it said, is in connection with a prevention of money laundering case linked to Vivo and other Chinese firms.

The report said that the office of Vivo and the premises of a few other Chinese firms had been raided.

India has been politicizing economic issues with China since the two countries tensions broke out in June 2020, with growing clampdown on Chinese companies operating in the country.

After seizing $726 million from Chinese tech firm Xiaomi Inc in April, India has started the process of inspecting books of accounts of more than 500 Chinese companies, including ZTE Corp, Vivo, Xiaomi and Huawei Technologies, Bloomberg reported in May.

Chinas Foreign Ministry spokesperson Zhao Lijian commented at a press briefing in May that the Chinese government has always asked Chinese companies to comply with local laws and regulations in their overseas operations and will firmly support Chinese companies to maintain their legitimate rights and interests.

The Indian side should act in line with laws and regulations, and provide a fair and non-discriminatory business environment for Chinese firms, Zhao stressed. GlobalTimes

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