ED attaches Rs 757 crore worth assets of Amway India
Highlights
- Assets worth over Rs 757 cr belonging to Amway India attached under anti-money laundering law: ED
- Provisionally attached properties of Amway India Enterprises include land, factory building in TN.
- Out of total Rs 757.77 crore, immovable and movable properties are worth Rs 411.83 crore: ED
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.
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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