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The Delhi High Court on Friday granted an urgent listing of an application by Chinese smartphone maker Vivo against the suspension of his bank accounts in connection with a money laundering investigation by the Enforcement Directorate.
The application was released before the bench of the Chief Justice of the Delhi High Court Satish Chandra Sharma and Justice Subramonium Prasad who agreed to list it on Friday. A petition has now been filed before Judge Yashwant Varma, who will likely hear it soon.
The federal probe agency, on July 5, raided several locations across the country in a money laundering investigation against Vivo and related firms. The search was conducted under the Prevention of Money Laundering Act (PMLA) in several provinces, including Delhi, Uttar Pradesh, Meghalaya and Maharashtra.
Vivo, at its request, sought to set aside ED orders to close its bank accounts.
Because the amounts in the bank accounts are not available to the applicant, the applicant will not be able to pay his or her legal taxes (such as property taxes, GST, TDS, etc.) to various officials, and other costs (such as salaries, rent, etc.) as a result of his business. on the road to commercial and civilian killings, ”states the petition.
The ED filed a lawsuit against money laundering after noticing the recent FIR of the Delhi Economic Unit against the distributor of a center in Jammu and Kashmir where a number of Chinese shareholders in the company allegedly defrauded their identities.
The ED suspects that the alleged fraud was made to extort money illegally through shell or paper companies and that some of these “criminal acts” were diverted to remain under the radar of tax companies and Indian enforcement companies.
