Twitter
Advertisement

Enforcement Directorate seizes Amway India's assets worth Rs 757 crore

The provisionally attached properties of Amway include land, factory building at Dindigul district in Tamil Nadu, plant and machineries, vehicles, etc

Latest News
article-main
Picture: File Photo
FacebookTwitterWhatsappLinkedin

Assets worth over Rs 757 crore belonging to multi-level marketing (MLM) scheme promoting company, Amway India, have been attached under the anti-money laundering law, the Enforcement Directorate said on Monday. 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.

The federal agency accused the company of running a multi-level marketing 'scam' where prices of most of the products offered by the company were "exorbitant as compared to the alternative popular products of reputed manufacturers available in the open market."

READ | WPI inflation hits 4-month high of 14.55% in March

Find your daily dose of news & explainers in your WhatsApp. Stay updated, Stay informed-  Follow DNA on WhatsApp.
Advertisement

Live tv

Advertisement
Advertisement