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Which Chinese mobile companies Raided by IT?

Which Chinese mobile companies Raided by IT

Ground Report | New Delhi: Which Chinese mobile companies Raided; The Income Tax Department has raided the Chinese Mobile Companies across the country. IT officials began their searches on Wednesday morning after several alleged breaches by Chinese mobile firms came to the fore.

Chinese Mobile Companies, Income Tax Department is conducting searches on leading Chinese mobile companies across the country. Mobile companies including Oppo, Xiaomi and One Plus are being included in this search, sources told ANI on Wednesday.

More than two dozen premises are involved in the searches that started on Tuesday. “Raids are on in Delhi, Mumbai, Bengaluru, Greater Noida, Kolkata, Guwahati, Indore and some other places”.

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Sources told ANI that some fintech companies are also involved in the search. The CEOs of these companies are involved in the search and are currently being questioned by Income Tax officials.

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In August this year, Chinese telecom equipment maker ZTE was discovered by the IT department in Gurugram. The officials of the IT department also questioned their India chief. Sources said, several tax violations were found by the department.

Recently, several Chinese firms involved in mobile phones, loan applications and transportation business have been raided by central investigative agencies.

During a search on ZTE, an examination of import bills compared to sales bills showed that the equipment had a gross profit on business of about 30 percent, although the company had been booking “huge” losses over the years.

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The investigation revealed that losses are being booked by the company by way of fraudulent expenses in respect of the services provided by the company. Certain recipients have been identified in whose cases substantial expenditure has been recorded over the years. Sources said that these institutions have been found to be non-existent at their addresses.

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