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

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Vivo news: 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 directors of Vivo and 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 case.

"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 case is already being investigated by the Central Bureau of Investigation (CBI). IT department, as well as the Ministry of Corporate Affairs, are also keeping a close eye on the Chinese manufacturing firms. The ED raid is an extension of the probe against Chinese firms.

The ED conducted these searches with respect to 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 is learnt to have a special 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".

(With ANI inputs)

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