SFIO to charge Vivo in fund diversion case this month: Report
The Serious Fraud Investigation Office (SFIO) is set to file its chargesheet against Chinese smartphone maker Vivo this month in an alleged fund diversion case, according to a report by Moneycontrol, citing government sources. This development comes after the SFIO launched a probe into Chinese smartphone makers, including Vivo, following a report by the Registrar of Companies (RoC) that alleged fund diversion of around ₹6,000 crore.
The investigation into Vivo and other Chinese smartphone makers, including Oppo and Xiaomi, was initiated after the RoC report highlighted suspicious transactions and alleged fund diversion. The probe is part of a wider crackdown on Chinese companies operating in India, with the government seeking to ensure that these companies comply with Indian laws and regulations.
The SFIO, which is a specialized agency under the Ministry of Corporate Affairs, is responsible for investigating serious corporate frauds. The agency has been probing Vivo and other Chinese smartphone makers for alleged irregularities, including fund diversion, tax evasion, and money laundering.
According to the Moneycontrol report, the SFIO has gathered evidence of alleged fund diversion by Vivo and is set to file its chargesheet against the company this month. The chargesheet is expected to detail the alleged irregularities committed by Vivo, including the diversion of funds to its parent company and other related entities.
The investigation into Vivo and other Chinese smartphone makers has been ongoing for several months, with the SFIO conducting raids and searches at the offices of these companies. The agency has also summoned top executives of these companies, including Vivo, Oppo, and Xiaomi, for questioning.
The alleged fund diversion by Vivo and other Chinese smartphone makers has raised concerns about the compliance of these companies with Indian laws and regulations. The government has been cracking down on Chinese companies operating in India, with several companies, including Vivo, Oppo, and Xiaomi, facing probes and investigations.
The wider probe into Chinese smartphone makers also involves Oppo and Xiaomi, with the SFIO investigating these companies for alleged irregularities, including fund diversion and tax evasion. The investigation is part of a larger effort by the government to ensure that Chinese companies operating in India comply with Indian laws and regulations.
The development is significant, as it highlights the government’s efforts to crack down on corporate fraud and ensure that companies operating in India comply with Indian laws and regulations. The investigation into Vivo and other Chinese smartphone makers is also expected to have implications for the Indian smartphone market, which is dominated by Chinese companies.
The Indian smartphone market is one of the largest in the world, with Chinese companies, including Vivo, Oppo, and Xiaomi, accounting for a significant share of the market. However, the investigation into these companies has raised concerns about the compliance of these companies with Indian laws and regulations.
In conclusion, the SFIO’s decision to file its chargesheet against Vivo this month in an alleged fund diversion case is a significant development that highlights the government’s efforts to crack down on corporate fraud. The investigation into Vivo and other Chinese smartphone makers is part of a wider probe into alleged irregularities, including fund diversion, tax evasion, and money laundering. The development is expected to have implications for the Indian smartphone market and highlights the need for companies operating in India to comply with Indian laws and regulations.
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