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Amway Marketing Scam: ED took major action, Amway’s assets worth Rs 757 crore attached

Amway Marketing Scam: Network marketing company Amway India Enforcement Directorate (ED) has taken a big action. It has been decided to attach assets worth more than Rs 757 crore of Amway India, a company promoting multi-level marketing. This property has been attached under the Prevention of Money Laundering Act (PMLA). The Enforcement Directorate has given information about this today.

statement issued information
The temporarily attached properties of Amway India Enterprises Pvt Ltd include land and factory building, plant and machinery, vehicles, bank accounts and fixed deposits in Tamil Nadu’s Dindigul district, the probe agency said in a statement.

About 7500 crores collected from commission
ED said that the rates of most of the products of Amway are very high as compared to other companies available in the market. Along with this, the ED has also claimed that Amway has collected about Rs 27562 crore during the years 2002-03 to 2021-22, out of which Rs 7,588 crore was given as commission to agents and distributors in India and America.

Which property did Cancer do?
Of the total assets attached under the Prevention of Money Laundering Act (PMLA) worth Rs 757.77 crore, immovable and movable assets are worth Rs 411.83 crore while the balance amounted to Rs 345.94 crore deposited in 36 bank accounts belonging to Amway.

allegation of scam
The federal agency has accused the company of a multi-level marketing ‘scam’ where the prices of most of the products offered by the company were “excessive compared to alternative popular products from reputable manufacturers available in the open market”.

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