Vivo indulged in money laundering to destabilise country’s financial system: ED to HC

Stating that due process of law has been followed while investigating the affairs of Vivo Mobile India and freezing of its 10 bank accounts, the Enforcement Directorate (ED) told the Delhi High Court that the Chinese smartphone manufacturer has indulged in the “heinous economic offence” of money laundering to destabilise the financial system and challenge the integrity and sovereignty of the country.

The probe agency, in its reply to Vivo’s petition, said that the commercial engagements of Vivo and its reputation and goodwill are not a relevant consideration during an investigation into the offence of such a “heinous economic offence”.