ED attaches over Rs 757 crore assets of Amway India in PMLA probe
Multi-level-marketing business Amway India has seen Rs 757.77 crore of its assets attached to a Prevention of Money Laundering Act case by the Enforcement Directorate which has accused it of being a scam.
The assets attached by the ED include immovable and movable properties which are worth Rs 411.83 crore and bank balances of Rs 345.94 crore which were kept in 36 accounts belonging to Amway. The provisionally attached properties include land factory buildings in Tamil Nadu’s Dindigul district as well as plant and machineries, vehicles, bank accounts, and fixed deposits, the ED said in a statement on April 18, the Economic Times reported.
The ED accused Agway India of pricing its products in a way which is, “exorbitant as compared to the alternative popular products of reputed manufacturers available in the open market,” the Press Trust of India reported. The ED also referred to Amway India’s MLM business practices as “a scam”.
Amway India carries a wide range of beauty, nutrition, personal care, and home care products. The business was launched in 1959 in Michigan, US and operates in over 100 countries and territories. The business has also faced numerous law suits in the US over its business practices but has always managed to settle the suits and has never been found guilty.
Copyright © 2022 FashionNetwork.com All rights reserved.