Three executives of Chinese language smartphone maker Vivo India, arrested on suspicion of cash laundering, have been granted bail by a Delhi court docket. The court docket dominated their detention unlawful on account of a procedural error however imposed circumstances on their launch.
The executives, together with interim CEO Hong Xuquan, CFO Harinder Dahiya, and guide Hemant Munjal, had been arrested by the Enforcement Directorate (ED) on December twenty first. Nonetheless, the trio had claimed that they had been arrested on December 21 and never on December 22, as recorded by the ED.Â
This technicality led the court docket to search out their custody illegal as they need to be produced earlier than a choose inside 24 hours of their arrest. Thus the court docket ordered bail for the executives on a bond of Rs 2 lakh every.
Nonetheless, the ED expressed concern that the executives would possibly tamper with proof or affect witnesses and requested they report back to the company day by day till January third. The court docket agreed to this situation, noting that the ED intends to problem the bail order after the Delhi Excessive Courtroom resumes session within the new 12 months.
This case stems from a bigger investigation into alleged cash laundering by Vivo India. The ED claims the corporate illegally transferred a staggering Rs 62,476 crore to China to evade taxes, harming India’s financial sovereignty. The company raided Vivo India and its associates in July 2023, resulting in the arrest of 4 people, together with the three executives who had been not too long ago granted bail.
The investigation and subsequent authorized proceedings are ongoing, with the ED hoping to enchantment the bail determination and Vivo India possible defending itself in opposition to the cash laundering accusations. This case stays underneath shut watch, because it has vital implications for each the tech sector and monetary rules in India.
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