ED Attaches Assets Of Amway India Worth Rs 757 Crore In Money Laundering Case

The ED has provisionally attached immovable and movable properties worth Rs 411.83 crore, as well as bank balances worth Rs 345.94 crore, from 36 separate Amway accounts.

By : ABP News Bureau | Updated at : 18 Apr 2022 04:06 PM (IST)

ED Attaches Assets Of Amway India Worth Rs 757 Crore In Money Laundering Case ED Attaches Assets Of Amway India Worth Rs 757 Crore In Money Laundering Case

ED Seizes Assets Worth Rs 757 Crore Pertaining To Amway India. (Source: Facebook/Amway India)

New Delhi: The Enforcement Directorate said on Monday that assets worth over Rs 757 crore belonging to Amway India, multi-level marketing (MLM) scheme promoting business, had been seized under the anti-money laundering law, news agency PTI reported.

The ED has provisionally attached immovable and movable properties worth Rs 411.83 crore, as well as bank balances worth Rs 345.94 crore, from 36 separate Amway accounts, ANI reported.

Immovable and movable properties worth Rs 411.83 crore and bank balances of Rs 345.94 crore from 36 different accounts belonging to Amway attached: Enforcement Directorate
— ANI (@ANI) April 18, 2022

According to the agency, a money-laundering investigation found that Amway is operating a pyramid scheme under the cover of a direct selling multi-level marketing network. The agency also discovered that the pricing of the majority of the company's items was expensive when compared to their alternatives.

Unaware of the true realities, the general public is persuaded to become members of the firm and purchase items at excessive costs. Furthermore, the new members were not acquiring the things for personal use, but rather to get wealthy by becoming members.

From 2002-03 to 2021-22, the firm earned Rs 27,562 crore from its commercial activities, of which it paid a Rs 7,588 crore commission to its distributors and members in India and the United States, Times Now reported.

"The provisionally attached properties of Amway India Enterprises Pvt. Ltd. include land and factory building at Dindigul district in Tamil Nadu, plant and machinery, vehicles, bank accounts and fixed deposits," ED said in a statement quoted by PTI in its report.

(With Agencies Inputs)