ED attaches assets over Rs 750 crore of Amway India in Money Laundering Case
ED has alleged that Amway is involved in running a fraud in the guise of direct selling multi-level marketing network.
Insight Bureau: The Enforcement Directorate has attached assets worth Rs 757.77 crore belonging to Amway India Enterprises Private Limited. ED has alleged that Amway is involved in running a fraud in the guise of direct selling multi-level marketing network.
The attached properties include land and factory building of Amway in Tamil Nadu’s Dindigul District, plant and machinery, vehicles, bank accounts and fixed deposits.
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Out of 757.77 crore, the immovable and movable properties are worth Rs 411.83 crore whereas the bank balance is of Rs 345.94 crore from 36 different accounts belonging to Amway.
According to officials, Amway collected Rs 27,562 crore through its business operations from 2002-03 to 2021-22 out of which the company has paid commission of Rs 7,588 crore to its distributors and members in India and in USA during financial year 2002-03 to 2020-21.
Amway brought Rs 21.39 crore as share capital in India in 1996-97 and till 2020-21, the company has remitted huge amount of Rs 2,859.10 crore in the name of dividend, royalty and other payments to their investors and parent entities, ED said.
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