Vivo allowed to operate bank accounts with rider

The Delhi High Court on Wednesday allowed Chinese smartphone maker Vivo to operate its bank accounts frozen by the Enforcement Directorate in connection with a money laundering probe, subject to furnishing of a bank guarantee of Rs 950 crore within a week with the ED.

While issuing notice to the ED on Vivo’s petition seeking quashing of freezing its bank accounts, Justice Yashwant Varma directed the company to give details to the agency about its remittances as the ED contended that the proceeds of crime at present stood at Rs 1,200 crore.