Industry news: two senior executives of VIVO India were detained in India!

In response to this, a vivo spokesperson said the company was "deeply shocked" and pointed out that the Indian authorities' " recent arrests show that harassment continues and creates uncertainty for the entire industry ." The spokesperson said the company will resolutely use all legal means to respond to and challenge these allegations.

In October this year, India's financial law enforcement agency arrested a vivo employee on suspicion of money laundering. At the time, vivo responded that the company has always strictly abided by local laws and regulations in India, and said: "We are closely following the recent investigation and will take all possible legal measures to deal with it."

In mid-June 2023, Indian regulators announced the confiscation of 55.5127 billion rupees, equivalent to about 4.8 billion yuan, from Xiaomi India on the grounds of "illegal transfer of funds to foreign entities". This amount is equivalent to 6 times the total profit of Xiaomi in India in 9 years.

Although Xiaomi's response was neither humble nor arrogant, " We believe that the royalties and statements we paid to the bank were legal. The factual and legal arguments raised by the competent authorities have not been addressed. The company will continue to use all means to protect the company's reputation, interests and stakeholders. Xiaomi India remains committed to working with the authorities to resolve the issue. "

But many people believe that Xiaomi is unlikely to get the money back.

In April this year, vivo announced plans to invest another 11 billion rupees (about 920 million yuan) by the end of 2023 to expand its manufacturing capabilities in India.

Now VIVO is repeating Xiaomi’s mistakes.

User A's comment:

After Xiaomi was fined 4.8 billion yuan, vivo still increased its investment in India, showing an impatient trend of giving money.

Netizen B commented:

If you make money in India, you have to spend it in India, and don't keep a penny to take home. Those who dare to venture to India to seek wealth undoubtedly have great courage.

Netizen C commented:

First, Xiaomi was fined 4.8 billion yuan, and then vivo executives were arrested.

India's extreme predatory practices are well known, but people still continue to do so. Don't be naive to think that you will be the only one. In India, no foreign company can escape the fate of being "fleeced". If you haven't been "fleeced", it only means that you are not fat enough now.

What do you think about this matter?

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