Friday, August 12, 2022
IndiaFraud Activities Amway Rs 758 Crore assets frozen by Enforcement Directorate

Fraud Activities Amway Rs 758 Crore assets frozen by Enforcement Directorate

Amway India's assets worth Rs 758 crore have been frozen by law enforcement officials today.

Amway India’s assets worth Rs 758 crore have been frozen by law Enforcement Directorate officials today.

The Enforcement Directorate said the assets were frozen due to fraud and illegal money transfer in Amway’s direct sale multilevel marketing.

According to the Enforcement Division, Amway collected Rs 27,562 crore in India from 2002-03 to 2021-22 and paid a commission of Rs 7,588 crore to distributors and members.

Following this, the enforcement division froze Amway’s land, factory, machinery, vehicle, bank account and deposit in the Dindigul district.

Amway owns Rs 411.83 crore in moving and city assets and Rs 345.94 crore in bank balances. Amway acquired a stake of Rs 21.39 crore in India from Rs 1996-97 to 2020-21. For this, a dividend of Rs 2,859.10 crore has been given to Amway and investors.

This company provides training and supplies to Amway members. Training classes for members, offering products through chain marketing. These promoters are holding huge conferences and, despite the luxury, have also attracted investors through social media.

New members do not buy to use products, but to elevate high-level members and become rich. The fact is that the commissions received by high-level members play a major role in raising the prices of goods. Amway has campaigned on how to become rich by becoming a member. ”

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Updated on August 11, 2022 6:06 pm