Vivo raids: China says India dangers scaring away buyers

Vivo raids: China says India risks scaring away investors


China’s embassy in India said in a statement Thursday that probes by Indian authorities into Chinese companies were disrupting “normal business activities” and chilling “the confidence and willingness of market entities from other countries, including Chinese enterprises to invest and operate in India.”

The criticism comes after India’s Enforcement Directorate — the country’s main financial investigation agency — raided major Chinese smartphone company Vivo over allegations of money-laundering earlier this week.

In a press release on Thursday, the Indian agency said it had carried out searches at 48 Vivo locations in the country, and seized 4.65 billion rupees ($60 million) from 119 bank accounts, including fixed deposits, cash and gold bars.

In the statement, the Enforcement Directorate has accused Vivo of tax fraud and said the firm remitted 624.8 billion rupees ($7.9 billion), mostly to China.

“These remittances were made in order to disclose huge losses in Indian incorporated…