The enforcement directorate (ED) has attached assets worth Rs757.77 crore belonging to Amway India Enterprises Pvt Ltd, a company accused of using products to masquerade a multi-level marketing (MLM) fraud under the disguise of a direct selling company.
In a statement, ED says, "Immovable and movable properties worth Rs411.83 crore and bank balances of Rs345.94 crore from 36 different accounts belonging to Amway attached."
"The attached properties include land and factory building of Amway at Dindigul district in Tamil Nadu and plant and machinery vehicles, bank accounts and fixed deposits," the ED says.
According to the investigation agency, the company has collected Rs27,562 crore from its business operations from FY02-03 to FY21-22 and, out of this, the company has paid commission of Rs7,588 crore to its distributors and members in India and in US.
"The entire focus of the company is about propagating how members can become rich by becoming members. There is no focus on the products. Products are used to masquerade this MLM Pyramid fraud as a direct selling company," ED says.
ED has provisionally attached assets worth Rs. 757.77 Crore belonging to M/s. Amway India Enterprises Private Limited, a company accused of running a multi-level marketing scam.
— ED (@dir_ed) April 18, 2022
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