ED gets 3-day custody of top Vivo India execs
NEW DELHI : Vivo India’s interim chief executive officer (CEO) Hong Xuquan, chief financial officer Harinder Dahiya and consultant Hemant Munjal were arrested by Enforcement Directorate (ED) on charges of money laundering and remanded to custody by a sessions judge in Patiala House Court for three days. The order was issued on the grounds that the executives held critical positions, played a crucial role in acquiring ₹20,241 crore as proceeds of crime, and that the executives were not cooperating with the authorities. Interim CEO Hong Xuquan was cited as a witness in the previous complaint filed by the enforcement body earlier this month.
ED said the custodial interrogation of the three accused was required for tracing and determining the money trail of the proceeds of crime. Mint has seen a copy of the order issued by the court. ED cited the involvement of Dahiya for concealing beneficial ownership of Vivo India and that the person was aware of the complex structure created by Vivo China with an intent to siphon off funds out of the country.
The court also directed ED to conduct an inquiry into claims by the accused that the three executives have been in ED’s custody since 21 December. “We are deeply alarmed by the current action of the authorities. The recent arrests demonstrate continued harassment and as such induce an environment of uncertainty amongst the wider industry landscape.
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