Income Tax Department raided Chinese Mobile Companies

The Income Tax Department on Wednesday coached raids in various states on charges of tax evasion against entities linked to Chinese mobile phone makers.
Income Tax Department raided Chinese Mobile Companies

Income Tax Department raided Chinese mobile companies

Image Credit: DT Next

The Income Tax Department on Wednesday coached raids in various states on charges of tax evasion against entities linked to Chinese mobile phone makers. Authorized sources gave this information. Sources said that the raids are being conducted at the premises located in the National Capital Region and some of the southern states. Sources said raids are also being conducted against some vendors and distribution partners of these companies and more details are awaited in this regard. According to the information, on Wednesday, the Income Tax Department has raided several locations of mobile manufacturers Oppo and Xiaomi.

Income Tax Department raided at different places

The Income Tax Department has raided the premises of Chinese mobile phone companies in ten states of the country amid tension along the border in Eastern Ladakh. These companies include Oppo, Xiaomi, and One Plus. The Income Tax Department team raided several states at around 9 am on Wednesday. Action on more than two dozen premises of these companies in Delhi, Noida, Gurugram, Mumbai, Bangalore, Kolkata, Guwahati, Indore, Chennai, Hyderabad, and other cities. It persisted till late at night. Action is also being taken against some fintech companies. The locations of many senior officers, directors, CFOs, and other officers associated with all these companies have been raided. Further investigation is going on.

<div class="paragraphs"><p>Income Tax Department raided Chinese mobile companies</p></div>

Income Tax Department raided Chinese mobile companies

Image Credit: Money Control

Digital data of companies has been confiscated

Let us also tell you that many executive-level officers of mobile phone companies are also under investigation. At present they are being questioned. Government sources said a large amount of confidential information about tax evasion was found in these companies. For a long time, the Income Tax Department was keeping a watch on their actions. After getting the solid information, it was decided to conduct the raids. A huge amount of digital data has been confiscated from all over the place. However, the department denied giving any details about the seizures. This company is stealing data and all their data has been seized by the income tax department.

Oppo and Vivo holds more than 10 and 15 percent of the market percentage

The Indian government is already pressuring smartphone makers like Oppo and Vivo to stop working with Chinese partners for distribution. The government is talking about benefiting local companies. Oppo and Vivo, which have more than 10 and 15 percent market share, are considered to be strong offline players.

<div class="paragraphs"><p>Income Tax Department raided Chinese mobile companies</p></div>

Income Tax Department raided Chinese mobile companies

Image Credit: Lagatar English

According to a report, these companies have created a system of Chinese partners for distribution in the market, which has attracted the attention of Indian partners. However, due to no legal system yet, the Government of India had unofficially put its point in front of the companies. Their market capacity is much higher than that of the companies.

Jewelry and cash found at CEO's house

Let us tell you that along with the companies, their CEOs have also been raided. In the raids on the corporate office of Oppo Mobile Company in Gurugram along with the warehouse and the residence and camp office of CEO Navneet Nakra, evidence related to Benami property, jewelry, cash along FD papers have also been retrieved. Oppo CEO Nakra was earlier the CEO of Apple. His residence and camp office at Gloria Market in Hamilton Court was raided. Now they are also being questioned that this cash and so much jewelry came from eating and where are its papers.

Oppo CEO said that we respect the law of India

Meanwhile, the Oppo company told the media that as an investment partner, it respects the laws of India. We will fully cooperate and the company has also talked about giving full cooperation to the tax officials during the raid. Xiaomi has also said to provide all the necessary information to the department.

<div class="paragraphs"><p>Income Tax Department raided Chinese mobile companies</p></div>

Income Tax Department raided Chinese mobile companies

Image Credit: India.com

Production units of these companies are on target

According to department sources, mainly production units of companies have been kept under the scanner. Apart from this, a team of Income Tax officials is also investigating some corporate and distribution units.

The investigation went on till night in Sector-4 and Sector-63 in Noida

Income Tax Department intrudes Oppo and five affiliated companies in Noida and Greater Noida. According to sources, the Delhi team of the department is executing it. The local office of the department was later asked to arrange the logistics. Apart from Greater Noida, the action went on till night in Sector-4 and Sector-63 in Noida. Officials were present till evening at the Oppo factory located in the Ecotech-2 sector. He scrutinized several documents closely. Sources say, there are allegations of tax evasion in the factory and irregularities in employing the local people. During the raid, the employees posted in the office were also stopped inside.

<div class="paragraphs"><p>Income Tax Department raided Chinese mobile companies</p></div>
Corona Blast in West Bengal's Navodaya Vidyalaya, 29 Students Test Positive for Covid-19

Related Stories

No stories found.
Since Independence
www.sinceindependence.com