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Vivo siphoned $13 bn abroad, ED tells court
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₹1.07 trillion ($12.87 billion) was remitted outside India by Vivo to some trading companies controlled by its Chinese parent, in what the agency called a “masking layer" intended to escape government notice. “While no profits were shown from 2014-15 to 2019-20 in the statutory filings and no income taxes were paid ...
huge sums were siphoned off out of India," the ED added. In July last year, the agency estimated a figure of ₹62,470 crore ($7.5 billion) had been remitted mainly to China."Exciting news! Mint is now on WhatsApp Channels
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