ED Conducts Raids at 40 Locations in UP, MP, Bihar, Southern States
GG News Bureau
New Delhi, 5th July. The Enforcement Directorate (ED) searched 40 locations in Uttar Pradesh, Madhya Pradesh, and some southern states on Tuesday in connection with a case involving a Chinese firm.
According to sources, multiple ED teams have been conducting simultaneous raids since the morning, and the case is already being investigated by the Central Bureau of Investigation (CBI).
The Ministry of Corporate Affairs, as well as the IT department, are keeping a close eye on Chinese manufacturing firms. The ED raid is an extension of the investigation into Chinese companies.
The ED conducted these searches in connection with potential violations of the Prevention of Money Laundering Act (PMLA).
According to sources, Vivo Mobile Communications’ local units are being investigated for alleged financial irregularities as part of an investigation into other China-based firms.
The Ministry of Corporate Affairs is learnt to have a special focus on potential violations including fraud.
In the case of Vivo, an inquiry was sought in April this year to detect if there were “significant irregularities in ownership and financial reporting”.
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