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"Bhaag bhaag DK bose": Vivo directors Zhengshen Ou and Zhang Jie fled from India as ED intensified inquiry into money laundering case against Chinese firm, 44 locations searched across the country, Ministry of Corporate Affairs also keeping a close eye

The official corrected the report which mentioned that Zhengshen Ou and Zhang Jie were directors of Vivo and they fled when the ED intensified its inquiry into the money laundering case
 |  Satyaagrah  |  News
Vivo's top executives may have fled India amid ED's probe
Vivo's top executives may have fled India amid ED's probe

Chinese directors Zhengshen Ou and Zhang Jie of a firm GPICPL, in association with mobile maker Vivo, fled India last year, an Enforcement Directorate official informed on Thursday.

The official corrected the report, which mentioned that Zhengshen Ou and Zhang Jie were Vivo's directors. They fled when the ED intensified its inquiry into the money laundering case against the Chinese firm and conducted raids over 40 locations in connection with the matter.

"Zhengshen Ou and Zhang Jie are directors of GPICPL, a firm associated with mobile maker Vivo, and they fled last year," the ED official told ANI, requesting anonymity.

The federal agency on Tuesday conducted searches at more than 40 locations in Uttar Pradesh, Madhya Pradesh, and some southern states in connection with a case linked to Vivo Mobile Communications and some other Chinese firms.

The Central Bureau of Investigation (CBI) has already investigated the case.

IT department and the Ministry of Corporate Affairs are also closely monitoring the Chinese manufacturing firms. The ED raid is an extension of the probe against Chinese firms.

The ED conducted these searches concerning violations of the Prevention of Money Laundering Act (PMLA).

Sources said that local units of Vivo Mobile Communications are under the radar for alleged financial improprieties as part of the investigation into other China-based firms.

Ministry of Corporate Affairs has learned to focus on potential violations, including fraud.

In the case of Vivo, an inquiry was sought in April this year to detect if there were "significant irregularities in ownership and financial reporting."

In April, the ED seized Rs 5,551.27 crore of Xiaomi Technology India Private Ltd lying in the bank accounts under the Foreign Exchange Management Act (FEMA) in connection with the illegal outward remittances made by the company.

What is Vivo?

Headquartered in Dongguan, Vivo is a Chinese electronics brand founded by Shen Wei in 2009. Owned by BBK Electronics, Vivo designs and sells smartphones, software, and phone accessories. The company entered India’s smartphone market in 2012 with the launch of the Vivo X1, the world’s first smartphone with a built-in dedicated Hi-Fi audio amplifier. In 2014, the company launched in the country the Vivo X5 Max touted as the world’s thinnest smartphone at the time.
 
As a company, Vivo sponsors various global sports events. In 2015, the company became the title sponsor of the Indian Premier League (IPL) cricket tournament in a two-year deal starting in 2016. The contract was renewed in 2017, and the sponsorship was extended until 2022. The same year, the company agreed with FIFA to be the official smartphone brand sponsor of the 2018 and 2022 FIFA World Cups. The company also became a title sponsor of India's Pro Kabaddi League.
 
Like sister concern Oppo, Vivo has been at the forefront of technology innovations in the smartphone space. It was the first smartphone manufacturer to showcase the in-display fingerprint sensor technology, which most smartphone brands later adopted. The company was also the first to introduce the motorized pop-up camera module in smartphones with the launch of the Vivo Nex in 2018. In 2019, the company showcased the Nex Dual Display concept with a secondary OLED screen at its back. The phone was just a prototype and did not go on sale, but it gathered positive feedback from technology enthusiasts. So, there are chances that the company will announce a product with a similar technology sometime in 2019.

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