"Don't send money to China!" Recently, the Indian branch of Chinese mobile phone manufacturer Vivo was raided by the Indian Enforcement Agency on the grounds of an "anti-money laundering investigation" and arrested several senior executives at the scene. After two days of silence, the Chinese side finally responded......
Three executives of Chinese mobile phone manufacturing giant Vivo in India were tried in public in an Indian court on the 26th, including a member of Chinese nationality. The judge's decision called for a two-day extension of the detention of the three defendants.
The reason given by the Indian side is that they suspect that vivo India is suspected of "illegally remitting 62 billion rupees (about 5.3 billion yuan) to China. However, this is only a one-sided statement by India, as they have not provided any substantial evidence to support their allegations.
At the same time, the sources said that Indian law enforcement agencies do not intend to release the people easily, and plan to send the arrested senior executives of vivo India to court for trial, and the whole process is expected to last three days. If vivo India is unable to come up with an effective response, it could face serious consequences.
In fact, India's actions against vivo India are not the first time. In October this year, India's financial law enforcement agencies also arrested employees of vivo India, including a Chinese national, on suspicion of money laundering, and in July last year, Indian law enforcement agencies raided vivo India on suspicion of money laundering and publicly accused them of "illegally" transferring 624.76 billion rupees to China.
In addition, other Chinese companies operating in India, such as Xiaomi, Huawei, and OPPO, have also had their funds frozen or seized from their accounts in India for various reasons. For example, in March this year, Xiaomi India was accused of "violating the Foreign Exchange Management Act" and 55.5 billion rupees on its Indian account was frozen. Despite several appeals by Xiaomi, all of which were rejected by Indian courts, the funds were in danger of being confiscated. It was not until October this year, after more than half a year of rights protection efforts by Xiaomi, that the Indian side officially unblocked the 4.8 billion funds.
Experts believe that India's move is to prevent Chinese companies from repatriating their profits to China. As long as a Chinese company wants to send money to China, India will attack it on the grounds of "illegal remittance" or "money laundering", ranging from freezing funds to directly attacking companies and arresting relevant personnel.
In response to this situation, Mao Ning, spokesperson for the Chinese Foreign Ministry, said that China is closely monitoring the situation. The Chinese government firmly supports Chinese companies in protecting their legitimate rights. We urge India to fully understand the true meaning of mutual benefit and win-win economic and trade cooperation between China and India, and to create a fair, just, transparent and non-discriminatory business environment for Chinese enterprises to invest and operate in India. The Chinese Embassy and Consulates in India will continue to provide consular protection and assistance to the Chinese citizens concerned in accordance with laws and regulations.
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