Highlights

  • Land and factory building along with bank accounts seized
  • ED accuses Amway of multi-level marketing network pyramid fraud

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Amway running a pyramid fraud?

ED alleges Amway has been running a "multi-level marketing scam"

The Enforcement Directorate (ED) has accused Amway India Enterprises Pvt Ltd of running a "multi-level marketing (MLM) scam and has attached assets worth Rs 757 crore of the enterprise.

The ED alleged that Amway was running a pyramid fraud under the pretense of direct selling multi-level marketing network. The prove agency stated that "It is observed that the prices of most of the products offered by the company are exorbitant as compared to the alternative popular products of reputed manufacturers available in the open market."

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.

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