An executive at Vivo, one of China’s top smartphone makers, has been arrested in India in connection with a money laundering probe, raising fears of a renewed crackdown on Chinese businesses in the country.
Guangwen Kuang, the head of administration at Vivo India, was taken into custody on Tuesday by India’s Enforcement Directorate , his lawyer, Mudit Jain, told CNN. The ED is the country’s main financial crimes investigation agency,Kuang, a Chinese national, was arrested alongside three other people and would be held in custody for three days, according to a court document shared with CNN by Jain.
In a statement to CNN, a Vivo spokesperson confirmed that one employee had been arrested and vowed that the company would “exercise all available legal options.” Allegations of money laundering against Vivo were first made in July 2022, when the ED said it had carried out searches at 48 Vivo locations in the country and seized $60 million from the company’s bank accounts.
“These remittances were made in order to disclose huge losses in Indian incorporated companies to avoid payment of taxes in India,” the ED said at the time.The raids came two months after India seized more than $700 million from another big Chinese smartphone maker, Xiaomi, which was also accused of moving money out of the country illegally.
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