Vivo India remitted ₹62,476 cr, mainly to China: ED

The Enforcement Directorate (ED) has alleged that Vivo India remitted₹62,476 crore, almost half of its turnover out of India, mainly to China. "These remittances were made in order to disclose huge losses in Indian incorporated companies to avoid payment of taxes in India," ED alleged in a statement on Thursday.

It said that out of the total sale proceeds of ₹1,25,185 crore, Vivo India remitted ₹62,476 crore, mainly to China.

The agency has seized 119 bank accounts of various entities with gross balance to the tune of ₹465 crore, including FDs to the tune of ₹66 crore of Vivo India, 2 kg gold bars, and cash amount to the tune of ₹73 lakh (approx). The seizure has been made under relevant provisions of the Prevention of Money Laundering Act.


As many as 22 companies set up by Bin Lou, an ex-director of Vivo and another Chinese national named Zhixin Wei have come under the radar of the federal agency.

While Bin Lou set up 18 companies in 2014-15 after the incorporation of Vivo India in August 2014, Wei set up four companies.

The agency has alleged that "these companies are found to have transferred huge amounts of funds to Vivo India". Significantly, Lou was also Director of Grand Prospect International Communication (GPICPL), a Jammu and Kashmir distributor of Vivo which allegedly falsely projected itself as a subsidiary of Vivo.

The ED has said that GPICPL was incorporated in Jammu and Kashmir (December 2014) four months after the incorporation of Vivo India.

The said J&K company is being investigated by the Economic Offences Wing of Delhi Police and the ED on charges of conducting "fraudulent activities". All three Chinese nationals of GPICPL including Lou have already left India, the ED said.

While Lou left India in April 2018, the other two directors of GPICPL namely Zhengshen Ou and Zhang Jie left India in 2021.