Vivo Money Laundering Case: CA Granted Bail in Delhi
By Rediff Money Desk, New Delhi Oct 09, 2024 20:42
A Delhi court granted bail to a chartered accountant arrested in a money laundering case linked to Vivo, a Chinese mobile phone company. The ED had alleged that Rs 62,476 crore was illegally siphoned off by Vivo to China.
New Delhi, Oct 9 (PTI) A Delhi court on Wednesday granted bail to a chartered accountant arrested by the Enforcement Directorate (ED) in a money laundering case linked to Chinese mobile phone company Vivo.
Additional sessions judge Kiran Gupta granted bail to Rajan Malik, who was arrested in October 2023.
The judge accepted the submission of Malik's lawyer Hemant Shah, who argued that no purpose will be served by prolonging the custody of his client.
The ED had claimed to have busted a major money laundering racket involving Chinese nationals and multiple Indian companies.
The ED had alleged that Rs 62,476 crore was "illegally" siphoned off by Vivo to China to evade taxes in India.
Additional sessions judge Kiran Gupta granted bail to Rajan Malik, who was arrested in October 2023.
The judge accepted the submission of Malik's lawyer Hemant Shah, who argued that no purpose will be served by prolonging the custody of his client.
The ED had claimed to have busted a major money laundering racket involving Chinese nationals and multiple Indian companies.
The ED had alleged that Rs 62,476 crore was "illegally" siphoned off by Vivo to China to evade taxes in India.
Source: PTI
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Srestha Finvest
- 0.66 (+ 4.76)
- 32896927
- Vodafone Idea L
- 8.45 (+ 4.06)
- 28557277
- Standard Capital
- 1.14 (+ 0.88)
- 17361276
- Alstone Textiles
- 0.83 (+ 5.06)
- 14796552
- AvanceTechnologies
- 0.89 (+ 4.71)
- 10049569
MORE NEWS
Coal India Aims for Dividend Return by FY'26
Coal India aims to eliminate ECL's losses and rejoin the dividend list by FY'26, with...
Gold Poised for 15-18% Returns in Samvat 2081:...
Analysts predict a strong 15-18% return for gold in Samvat 2081, driven by positive...
Punjab Paddy Procurement Crosses 85 Lakh...
Punjab has procured 85.41 lakh tonnes of paddy in the 2024-25 kharif marketing season,...