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    ED attaches Rs 757-crore worth Amway India assets in money laundering probe

    ED attaches Rs 757-crore worth Amway India assets in money laundering probe

    ED attaches Rs 757-crore worth Amway India assets in money laundering probe
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    By PTI  IST (Updated)

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    The Enforcement Directorate accused Amway India of running a multi-level marketing scam, where prices of most of its products were "exorbitant."

    Assets worth over Rs 757 crore belonging to multi-level marketing (MLM) scheme promoting company, Amway India, have been attached under the anti-money laundering law, the Enforcement Directorate said on April 18. The provisionally-attached properties of Amway India Enterprises Pvt Ltd include land and factory building at Dindigul district in Tamil Nadu, plant and machineries, vehicles, bank accounts and fixed deposits, it said in a statement.

    Out of the total Rs 757.77 crore of assets attached under the Prevention of Money Laundering Act (PMLA), immovable and movable properties are worth Rs 411.83 crore while the rest are bank balances of Rs 345.94 crore kept in 36 accounts belonging to Amway, it said.

    The federal agency accused the company of running a multi-level marketing scam, where prices of most of the products offered by the company were "exorbitant as compared to the alternative popular products of reputed manufacturers available in the open market."

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