Indian Agency Seizes $59 Million from Chinese Phone Maker Vivo

Indian Agency Seizes $59 Million from Chinese Phone Maker Vivo

India’s anti-money laundering agency said on Thursday it seized 4.65 billion rupees ($59 million) in bank accounts and cash as well as gold bars belonging to Chinese smartphone maker Vivo Mobile Communications Co.’s local unit and its related companies.

The agency raided 48 locations and found Vivo remitted 624.76 billion rupees or roughly half of its local sales outside of India, mostly to China, according to a statement from the Enforcement Directorate.

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