ED attaches Rs 757 crore worth of assets of Amway India under PMLA

ED attaches Rs 757 crore worth of assets of Amway India under PMLA

The federal agency accused the company of running a multi-level marketing 'scam'

AgenciesUpdated: Monday, April 18, 2022, 11:24 PM IST
article-image
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, it said in a statement. /Representative image | File

New Delhi: 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 (ED) 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.

Out of the total Rs 757.77 crore of assets attached under the 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”.

RECENT STORIES

China Says BRICS Not A Bloc For Confrontation & Does Not Target Any Third Country

China Says BRICS Not A Bloc For Confrontation & Does Not Target Any Third Country

Jindal Receives Nod From The Odisha Government For Greenfield Project, To Invest ₹3,600 Crore

Jindal Receives Nod From The Odisha Government For Greenfield Project, To Invest ₹3,600 Crore

Siemens Energy India 36.34% Rise In Net Profit At ₹246.1 Crore, Driven By Income From Power...

Siemens Energy India 36.34% Rise In Net Profit At ₹246.1 Crore, Driven By Income From Power...

Tick-Box Compliance Culture Not Enough, Timely Information Dissemination Matters: SEBI Chairman

Tick-Box Compliance Culture Not Enough, Timely Information Dissemination Matters: SEBI Chairman

Realty Firm Puravankara To Rebuild Eight Housing Societies In Chembur, Revenue Expectation Is...

Realty Firm Puravankara To Rebuild Eight Housing Societies In Chembur, Revenue Expectation Is...