Vivo allowed to operate frozen bank accounts, orders Delhi High Court

The ED had contended that the proceeds of crime have been quantified to Rs 1,200 crore.
Image used for representational purpose only. (Photo| AP)
Image used for representational purpose only. (Photo| AP)

NEW DELHI: The Delhi High Court on Wednesday ordered the Chinese smartphone manufacturer Vivo India to operate its bank accounts frozen by the Enforcement Directorate (ED) in a money laundering case, subject to the company furnishing a bank guarantee of Rs 950 crore within a week.

The ED had contended that the proceeds of crime have been quantified to Rs 1,200 crore. Justice Yashwant Varma also sought ED’s response on the plea filed by Vivo for quashing of an order freezing its various bank accounts in connection with the money laundering probe initiated against it.

The court also asked the company to maintain a balance of Rs 251 crore in the bank accounts, which was there at the time of freezing of the accounts. Granting one week’s time to the central investigating agency to file its response to the petition, the court listed the matter for further hearing on July 28.

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