Let's say that it is true. But what Snapdeal gets out from it? What are other possible revenues from Jolla? Snapdeal is private, right? So, maybe the owner(s) likes the idea behind Jolla and he has and is willing to spare some cash to make it happen. Or maybe he (them) invested in Jolla itself so this is the way to make something out of it, offering phone for a low (or not) price to make it maybe at least a bit interest to people in India.
Or maybe Jolla was overcharging EU customers x5 from the begining? Very unlikely unles they ordered some 10+M of phones in advance.
What we do know is that we don't know anything why it it like it is now. But also, whoever from EU was/is interested in Jolla and is aware of this probably feels stupid now and won't jump the gun.