The Enforcement Directorate (ED) in India, a financial crime-fighting agency, recently arrested several senior executives of Vivo India, including the interim CEO and CFO, as revealed by sources familiar with the matter. In response, a spokesperson for Vivo stated that the company will use all legal means to address these accusations. In October, the ED had already arrested four executives from Vivo India on charges related to illegal remittances. The arrested individuals allegedly established 23 companies in India, which were found to have assisted Vivo India in transferring a substantial amount of funds, according to the ED. Vivo is accused of transferring 624.76 billion rupees (around $7.5 billion) in this alleged case of tax evasion, representing almost 50% of the company’s overseas revenue in India. [Icsmart, in Chinese]
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