New Delhi: Making allegations Amway India He is accused of running a multi-level marketing operation and siphoning off more than Rs 2,859 crore and depositing it in the accounts of foreign investors. Enforcement Directorate Said on Monday that a special court in Hyderabad has taken cognizance of the prosecution complaint (charge sheet) filed against the company.
The agency has claimed that AmwayIndia Enterprises Pvt Ltd has defrauded the public and “earned total proceeds of crime amounting to Rs 4,050 crore”.Ed had earlier attached assets worth more than Rs 757 crore in this case. The ED’s money laundering investigation is based on multiple FIRs lodged by the Telangana Police against Amway and its directors. The FIR alleges that Amway is “engaged in promoting illegal money circulation scheme in the guise of sale of goods and is cheating the general public by promising huge commission/incentives” which will continue forever.
The ED claimed that its investigation revealed that “instead of selling the goods directly to the end consumer, Amway has launched a multi-level marketing scheme of members and introduced several intermediaries in the name of distributors. The scheme does not focus on the sale of products but mainly rests on the enrollment of members.
The agency further said its investigation revealed that “over Rs 2,859 crore collected from members has been deposited in the bank accounts of foreign investors in the name of payment of dividend, royalty and other expenses”.
The agency has claimed that AmwayIndia Enterprises Pvt Ltd has defrauded the public and “earned total proceeds of crime amounting to Rs 4,050 crore”.Ed had earlier attached assets worth more than Rs 757 crore in this case. The ED’s money laundering investigation is based on multiple FIRs lodged by the Telangana Police against Amway and its directors. The FIR alleges that Amway is “engaged in promoting illegal money circulation scheme in the guise of sale of goods and is cheating the general public by promising huge commission/incentives” which will continue forever.
The ED claimed that its investigation revealed that “instead of selling the goods directly to the end consumer, Amway has launched a multi-level marketing scheme of members and introduced several intermediaries in the name of distributors. The scheme does not focus on the sale of products but mainly rests on the enrollment of members.
The agency further said its investigation revealed that “over Rs 2,859 crore collected from members has been deposited in the bank accounts of foreign investors in the name of payment of dividend, royalty and other expenses”.
(TagstoTranslate) Delhi News (T) Delhi Latest News (T) Delhi News Live (T) Delhi News Today (T) Aaj News Delhi (T) Enforcement Directorate (T) ED (T) Amway India (T) Amway