New Delhi: The Enforcement Directorate (ED) on Monday attached assets worth Rs 757.77 crore. Amway India Enterprise in connection with a marketing scam.
Attached properties include land and factory building amway In Dindigul District, Tamil Nadu, Plant and Machinery, Vehicles, Bank Accounts and Fixed Deposits.
The ED had provisionally attached immovable and movable assets worth Rs 411.83 crore and bank balance of Rs 345.94 crore from 36 different accounts of Amway.
“The money laundering investigation conducted by the ED has revealed that Amway Direct Selling is running a pyramid fraud under the guise of a multi-level marketing network,” the ED said in a statement.
The investigation agency found that the prices of most of the products offered by the company are exorbitant in comparison to alternative popular products of reputed manufacturers available in the open market.
“Without knowing the actual facts, common gullible people are tempted to join as members of the company and buy products at exorbitant prices and thus are losing their hard earned money,” the statement said. stated in.
It further explained that new members are not buying products to use, but becoming members rich as shown by upline members.
The reality is that the commission received by the upline members contributes a lot to the increase in the prices of the products.
Attached properties include land and factory building amway In Dindigul District, Tamil Nadu, Plant and Machinery, Vehicles, Bank Accounts and Fixed Deposits.
The ED had provisionally attached immovable and movable assets worth Rs 411.83 crore and bank balance of Rs 345.94 crore from 36 different accounts of Amway.
“The money laundering investigation conducted by the ED has revealed that Amway Direct Selling is running a pyramid fraud under the guise of a multi-level marketing network,” the ED said in a statement.
The investigation agency found that the prices of most of the products offered by the company are exorbitant in comparison to alternative popular products of reputed manufacturers available in the open market.
“Without knowing the actual facts, common gullible people are tempted to join as members of the company and buy products at exorbitant prices and thus are losing their hard earned money,” the statement said. stated in.
It further explained that new members are not buying products to use, but becoming members rich as shown by upline members.
The reality is that the commission received by the upline members contributes a lot to the increase in the prices of the products.