In a recent development in the ongoing money laundering case involving Vivo India, the Enforcement Directorate (ED) has approached the Delhi High Court, challenging the trial court’s decision to release three Vivo India executives. This move by the ED underscores the complexity and high stakes of the case, which has garnered significant media attention.
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The Delhi High Court, under the vacation bench of Justice Tushar Rao Gedela, received the ED’s plea against the trial court’s order dated December 30. The court issued a notice regarding the agency’s challenge but stated that no ex parte interim order could be passed at this stage since the executives had already been released. Justice Gedela remarked,
“I would have been inclined (to pass an interim order) had we got a situation where they were not released.”
The controversy centers around the arrest and subsequent release of three Vivo India executives: Chinese national and interim CEO of Vivo India Hong Xuquan (also known as Terry), Chief Financial Officer (CFO) Harinder Dahiya, and consultant Hemant Munjal. The trial court had ordered their release, observing that they were not produced before the court within 24 hours of their arrest, rendering their custody illegal.
The executives had moved the local court seeking bail, claiming they were arrested on December 21, not December 22 as recorded by the ED, and thus their detention violated legal norms. The ED contested this, stating that after the formal arrest on December 22, the accused were provided with grounds of arrest and produced before the concerned court within the stipulated time.
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This case traces back to July of the previous year when the ED raided Vivo India offices and related premises, claiming to have uncovered a significant money laundering operation involving Chinese nationals and multiple Indian companies. The agency alleged that Vivo India had illegally transferred Rs 62,476 crore to China to evade taxes in India.
The Delhi High Court has scheduled a hearing for January 3, indicating the urgency and importance of this matter. This case not only highlights the intricate legal battles in corporate and financial crimes but also reflects the growing scrutiny of multinational corporations operating in India, particularly those with links to foreign entities.
For more detailed coverage and updates on this developing story, stay tuned to the latest reports and analyses.
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