Amway Pyramid Scam: ED attaches assets worth Rs 758 CrApril 19, 2022 16:30
(Image source from: Timesofindia.indiatimes.com)
Amway Pyramid Scam: ED attaches assets worth Rs 758 Cr:- The Enforcement Directorate (ED) attached the assets worth Rs 758 crores against the country's biggest multi-level marketing firm Amway India as a part of the money-laundering investigation. ED said that Amway India was using the customers and consumers to create a pyramid scam that focuses on making the members rich. The investigation also told that Amway India was never interested on focusing on the actual products. All the assets of Amway India in the country are attached as per the Enforcement Directorate.
ED issued a provisional order under the Prevention of Money Laundering Act (PMLA) for the attachment of the assets. ED said that Amway India has been running a multi-level marketing scam. The products are used to masquerade the pyramid fraud as a selling company told ED about Amway India. Amway India bought Rs 21.39 crores as share capital in the country during 1996-97 and huge amount was remitted which now reached hundreds of crores by 2020-21. Britt Worldwide India Private Limited and Network Twenty One Private Limited also promoted Amway India and its pyramid scheme.
The lands and the factory buildings of Amway India located in Dindigul district, Tamil Nadu are seized apart from vehicles, bank accounts, machineries and fixed deposits. The movable and immovable properties ae worth Rs 400 crores.