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Delhi High Court asks Enforcement Directorate to respond to Vivo’s plea against freezing bank accounts

Delhi High Court granted one week to the ED to file its response to the petition and listed the matter for further hearing on July 28.

Reported By : PTI Edited By : Sheenu Sharma | New Delhi
Published on: July 13, 2022 14:05 IST
Delhi High Cout asks Enforcement Directorate to respond to Vivo plea against freezing bank accounts,
Image Source : PTI/ REPRESENTATIONAL (FILE). Delhi High Court also asked the company to maintain a balance of Rs 251 crore in the bank accounts,

Highlights

  • Delhi HC sought response of ED on a plea by Chinese smartphone maker Vivo
  • It seeks quashing of an order freezing its various bank accounts in connection with money laundering
  • HC allowed Vivo to operate its various bank accounts on furnishing of a bank guarantee of Rs 950 cr

The Delhi High Court on Wednesday (July 13) sought response of the Enforcement Directorate (ED) on a plea by Chinese smartphone maker Vivo seeking quashing of an order freezing its various bank accounts in connection with a money laundering probe initiated against it.

The high court also allowed Vivo to operate its various bank accounts on furnishing of a bank guarantee of Rs 950 crore with the Enforcement Directorate, which contended that presently the proceeds of crime has been quantified to Rs 1200 crore, within a week.

The court also asked the company to maintain a balance of Rs 251 crore in the bank accounts, which was there at the time of freezing of the accounts.

The court granted one week to the ED to file its response to the petition and listed the matter for further hearing on July 28.

Besides quashing the freezing order, Vivo has sought permission to deal with its frozen bank accounts for making payments towards certain liabilities.

The probe agency on July 5 raided several places across the country in the money laundering investigation against Vivo and related firms.

The searches were carried out under the Prevention of Money Laundering Act (PMLA) in several states, including Delhi, Uttar Pradesh, Meghalaya, and Maharashtra.

ALSO READ: Vivo sent Rs 62,476-cr worth turnover to China to avoid getting taxed in India: ED

ALSO READ: Chinese directors Zhengshen Ou, Zhang Jie of firm associated with Vivo fled India last year: ED

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