“Vivo China, through Vivo India, created a mesh of companies under a corporate veil. On piercing the corporate veil, the real beneficial ownership and control of all these entities is revealed i.e. all the state distributor companies are controlled by Vivo India which in turn was controlled by Vivo China,” notes the chargesheet filed by the Enforcement Directorate against Vivo China, Vivo India and other Indian and Chinese nationals.
According to the chargesheet, multiple entities under the control of Vivo China resorted to using forged identity documents to acquire wrongful gains for themselves “to the detriment of Indian Laws and economic sovereignty of the country.”