Tech companies are often caught up in scandals, such as security flaws in their devices, smartphone batteries catching fire, or even car emissions controversies. However, Vivo, particularly its Indian division, is currently making headlines for a different reason. India’s financial crime agency has arrested four top Vivo India executives, including the Chief Financial Officer, over allegations of a massive $120 million money laundering scheme. Here are the details…

Vivo India CFO Arrested on Money Laundering Charges

Vivo India is accused of orchestrating a $120 million money laundering scheme. The Enforcement Directorate alleges that Vivo India siphoned this sum through shell companies and fake directors. As a result, the agency has arrested four top Vivo India executives and anyone else involved. Including Vivo India’s Chief Financial Officer.

Vivo India

The ED’s investigation traces back to July 2022 when they initiated raids across Vivo India’s offices and warehouses. These searches led to the confiscation of assets and cash valued at about $50 million. The scandal’s tentacles reach beyond Vivo. Also arrested in connection with the case was the Managing Director of Lava International.

Of course, all the details about the topic are not yet clear, and Vivo has not made an official statement about the scandal as of now. However, as soon as additional information emerges, we will inform you through Gizmochina. It is also worth noting that international companies often encounter issues in certain regions where they operate.

For instance, not long ago, Xiaomi was accused by the ED of making illegal remittances to foreign entities by disguising them as royalty payments. Financial schemes that are considered minor offenses in some countries can be seen as serious crimes in others, leading to these problems.

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