India’s China phone crisis is detached from market reality

India’s crackdown on Chinese smartphone companies is on the rise. It could get worse – but what’s not clear is whether there’s a logical ending.

In early July, after a raid on the offices of Chinese smartphone maker Vivo, India’s financial crime agency, the Bureau of accusing Vivo India of transferring large sums of money out of the country through shell companies to avoid paying taxes and freezing bank accounts with nearly $60 million worth of deposits. Those accounts were later released by court order. This week, several local media reported that the Enforcement Bureau had filed an affidavit in the Delhi High Court saying the alleged scheme was an attempt to destabilize the financial system. of India.

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