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ED attaches Rs 757 crore worth assets of Amway India

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 Monday.

 

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.

ed attaches rs 757 crore worth assets of amway india | business news – india tv

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.

ed attaches rs 757 crore worth assets of amway india | deccan herald

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.

ed attaches assets worth over rs 757 cr of amway india in money-laundering probe

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