Modi has made another move on Chinese companies. India's Financial Crime Fighting Agency yesterday arrested two senior employees of Vivo India on the grounds of an anti-money laundering investigation, and the two will appear in court on December 26.
Vivo immediately responded: "Deeply shocked, the recent arrests show that the harassment continues, and legal action will be taken."
There are not many words, but there is a lot of information. This is at least the third time in a short period of time that vivo has been attacked by the Indian side. Two months ago, India's Enforcement Directorate arrested four industry executives, one of whom was a Chinese employee of vivo's Indian subsidiary, on the same grounds. Vivo denied the allegations at the time. At one point last year, the Indian Telecommunications Regulatory Authority (NTA) also froze 119 bank accounts related to Vivo's operations in India.
In fact, it's not just vivo that's suffering. Since the end of 2021, the Indian authorities have repeatedly raided and inspected Chinese mobile phone manufacturers such as Xiaomi, Vivo, and OPPO, and froze and seized the funds in the accounts of these companies in India for various reasons. Among them, Xiaomi's losses may have accumulated more than 5 billion yuan. And the market reaction has also benefited India. According to data released by the Indian agency in the third quarter of this year, Xiaomi's market share fell by 17% year-on-year.
In addition to Chinese companies, other foreign companies have been having a hard time in India. IBM, Nokia, Samsung, have all been fined and taxed. Modi has his heart set on making Made in India, but that is no reason to let protectionism run rampant. From the hot land to the cemetery of foreign companies, India is running wildly all the way, who is it chasing?The manufacturing industry can't run, and the ** chain can't keep up, whose face is it in the end?
Take a look at the news knews editor Zhang Zheng).