ED attaches Rs 757 crore worth assets of Amway India


Photo source: FILE

ED has attached assets worth Rs 757 crore to Amway India

Highlights

  • Amway India’s assets worth over Rs 757 crore attached under anti-money laundering law: ED
  • Temporary attached property of Amway India Enterprises in TN includes land, factory building.
  • Out of total Rs 757.77 crore, the value of immovable and movable property is Rs 411.83 crore: ED

The company, which promotes multi-level marketing (MLM) schemes, has assets worth over Rs 757 crore attached to Amway India under the Anti-Money Laundering Act, the Enforcement Directorate said on Monday.

Temporary attached property of Amway India Enterprises Pvt. Ltd. includes land and factory buildings, plants and equipment, vehicles, bank accounts and fixed deposits in Dindigul district of Tamil Nadu, it said in a statement.

Of the total assets of Rs 757.77 crore attached under the Prevention of Money Laundering Act (PMLA), the value of movable and immovable property is Rs 411.83 crore and the rest is bank balance of Rs 345.94 crore in 36 accounts of Amway. .

The federal agency has accused the company of running a multi-level marketing ‘scam’ where the prices of most of the products offered by the company are “too high compared to the popular products of reputable manufacturers in the open market”.

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