ED attaches Amway assets worth Rs 757.77 crore
The Enforcement Directorate (ED) announced on Monday that it has attached assets worth Rs 757.77 crore belonging to Amway India Enterprises Private Limited, a business accused of running a multi-level marketing (MLM) scam.
The attached assets include Amway’s land and factory building at Dindigul in Tamil Nadu, as well as plant and machinery, vehicles, bank accounts, and fixed deposits.
The attached properties include worth Rs 411.83 crore immovable assets and bank balances of Rs 345.94 crore from 36 distinct accounts belonging to Amway.
A money-laundering probe by the Enforcement Directorate revealed that Amway is executing a pyramid fraud under the pretence of directly selling a multi-level marketing network.
The federal agency claims that the general public is duped into becoming members of the company and purchasing products at exorbitant prices, causing them to lose their hard-earned money.