: ED attaches Amway India’s assets worth Rs 757.77 crore in money laundering case #IndiaNEWS The Enforcement Directorate on Monday attached assets worth Rs 757.77 crore belonging to Amway India Enterprises

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ED attaches Amway India’s assets worth Rs 757.77 crore in money laundering case #IndiaNEWS
The Enforcement Directorate on Monday attached assets worth Rs 757.77 crore belonging to Amway India Enterprises Private Limited on allegations of the firm running a multi-level marketing scam.US-based Amway Enterprises is a company that deals in health, beauty, and home care products. Its marketing strategy involves the pyramid structure under which its executives receive incentives for employing agents under them to sell the products. The properties that were attached on Monday include land and factory buildings of Amway India in Tamil Nadu’s Dindigul district, and plant, machineries, vehicles, bank accounts and fixed deposits, the Enforcement Directorate said in a statement.A property attached by the central agency cannot be transferred, converted or moved.Of the assets attached worth Rs 757.77 crore, immovable and movable properties amount to Rs 411.83 crore, and the remaining Rs 345.94 crore is in bank balance in 36 accounts belonging to the company.The Enforcement Directorate said that Amway was running a “pyramid fraud� in the guise of selling multi-level marketing network.“It is observed that the prices of most of the products offered by the company are exorbitant as compared to the alternative popular products of reputed manufacturers available in the open market,� it said. “Without knowing the real facts, the common gullible public is induced to join as...Read more

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