The ED’s main allegation is that it committed fraud in the name of multilevel marketing.
Symbolic image | Photo: twitter.com | dir_ed | photo
HThe Enforcement Directorate has seized assets worth Rs 757.77 crore from Amway India, a low-level marketing firm. The action is related to a money laundering case. The ED’s main allegation is that it committed fraud in the name of multilevel marketing.
Amway land, factory, plant, machinery and vehicles confiscated in Dindigul, Tamil Nadu. Bank accounts and fixed deposits have been seized.
The Central Bureau of Investigation (CBI) had earlier seized assets worth Rs 411.83 crore and Rs 345.94 crore from 36 accounts.
ED says the company committed the fraud under the guise of a multilevel marketing network. The ED also alleged that Amway was charging exorbitant prices for the products as compared to other popular products available in the public market.
The general public, unaware of the facts, is forced to join the company as members and buy products at exorbitant prices. ED says buying products is not for use but for other members of the network to get rich.
Content Highlights: ED attaches assets worth ₹757 crore of Amway India in money laundering case
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