Amway India attached assets Factory included in Tamil Nadu. (representative)
New Delhi:
origins worth over Rs 757 crore belonging to direct selling consumer goods company Amway India has been attached under anti-money law laundering Implementation Directorate said on Monday.
Temporarily attached properties of Amway India Enterprises Pvt Ltd. Including land and factory building In the district of Dindigul in Tamil Nadu, factories, machinery, vehicles, and bank accounts and fixed deposit in Declaration.
attach property It means that it cannot be transferred, transferred or transferred.
Outside of The total 757.77 crores of assets Attached under prevention of Money Laundering Act (PMLA), immovable and movable property worth 411.83 crore while the rest bank credits of Rs 345.94 crore held in It added that 36 accounts belong to Amway.
Implementation Directorate accused the company of Managing a multi-level marketing “scam” where prices of bone of The products offered by the company were “expensive compared to popular alternative products of Reputable manufacturers available in open market”.
“a money laundering ED investigation revealed that Amway is running a pyramid scam in The appearance of Direct selling is a multi-level marketing network, the agency said.
“Without knowing real the facts common naive public induced join as members of company and purchase Products are very expensive and thus lose their products hard-earned money. The new Members do not buy products for use of them, but to become rich by becoming members as shown by the higher members. The truth is that the commissions that summit members receive contribute greatly in Height of the prices of products” added.
“All focus of The company is all about reproduction how Members can get rich by becoming members. No focus on products. The agency said the products are used to disguise this MLM scam as a direct selling company.”
respond to charges in Amway India said in a statement, “This business of the authorities with Regarding the dating investigation back to 2011 and since then we have been involved in-operating with Section and share with us all information As required for From time to time since 2011. We will continue to cooperate with related to government The authorities and those responsible for the law towards a just, legal and reasonable outcome of outstanding issues”.
“Since it’s up to the judiciary, we don’t. wish to comment in addition to. We ask you to be careful, bearing in mind the misleading impression of our site business also Affects livelihoods of over 5.5 lakh direct sellers in Country ‘company added.
The government Prevent direct selling companies from promoting pyramid schemes in December. The Consumer Protection (Direct Sale) Rules of 2021 aim to protect the rights of consumers and restrict participating companies in direct sale like Tupperware, Amway and Oriflame are cheerleaders money Trading charts.
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