Hello gerstavros,
Sorry for the confusion: The 169€ would be the price if I (or anybody else in the EU) orders it from ebay India and uses parcel forwarding service.
You are right: For Indian based sellers the calculation is different: They buy the phone somewhere in India and resell it on ebay international with a HUGE profit margin. Seems a quite easy way to earn some money, so I guess more offers on ebay will appear in the near future.