ED attaches Amway India assets worth Rs 757 crore
Highlight
- Amway India’s assets worth over Rs 757 crore attached under anti-money laundering law: ED
- The temporarily attached properties of Amway India Enterprises include land, factory building in Tamil Nadu.
- Out of total Rs 757.77 crore, immovable and movable assets are worth Rs 411.83 crore: ED
The Enforcement Directorate on Monday said assets worth over Rs 757 crore of Amway India, a company promoting multi-level marketing (MLM) scheme, have been attached under the Anti-Money Laundering Act.
Temporarily attached properties of Amway India Enterprises Pvt Ltd. Ltd. includes land and factory building, plant and machinery, vehicles, bank accounts and fixed deposits in Dindigul district of Tamil Nadu, it said in a statement.
Of the total assets worth Rs 757.77 crore attached under the Prevention of Money Laundering Act (PMLA), immovable and movable assets are worth Rs 411.83 crore, while the rest are bank balances of Rs 345.94 crore held in 36 accounts belonging to Amway. ,
The federal agency accused the company of running a multi-level marketing ‘scam’ where the prices of most of the products offered by the company were “excessive compared to alternative popular products from reputable manufacturers available on the open market.”