Delhi Court Extends ED Custody of Vivo India Executives in Money Laundering Case

Delhi Court

VoM News Desk | December 29, 2023 | 09:03 PM IST | Breaking News | Follow on Google News

Delhi Court Extends ED Custody of Vivo India Executives in Money Laundering Case

Delhi Court Extends ED Custody of Vivo India Executives in Money Laundering Case

A Delhi court prolonged the Enforcement Directorate’s (ED) custody of Hong Xuquan, interim CEO of Vivo India, and two others by an additional day in a money laundering case. Senior counsel Siddharth Agarwal argued that the accused were unlawfully detained by the ED, asserting they were taken to the ED office and denied freedom to leave.

Contrarily, the ED contended that the accused voluntarily cooperated, accompanied by an ED vehicle, without objections until their court appearance. The court acknowledged the absence of the judicial file and decided to grant one-day judicial remand, addressing personal liberty concerns in the subsequent hearing.

These executives, arrested in connection with money laundering linked to Vivo and others, had their custody extended following a recent ED application for further investigation. The accused, including the interim CEO, were detained by the ED, which initiated an inquiry in October involving Chinese shareholders and the MD of Lava International.

The ED’s investigation uncovered alleged fraudulent activities involving Vivo India’s incorporation, its claimed subsidiary, and additional companies controlled by Chinese nationals. Raids conducted earlier resulted in cash seizures and arrests of several individuals, leading to ongoing probes based on complaints filed in Delhi.

The ED’s assertions include accusations of cheating the Indian government, fraudulent identification documentation, forged addresses, and allegations of financial impropriety. The court’s decision to extend custody aims to facilitate confrontations with digital data and further investigation into this complex money laundering case initiated in February 2022.

VoM News Desk

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