INDIA: ASSETS BELONGING TO DIRECT-SELLING CONSUMER GOODS COMPANY AMWAY INDIA SEIZED ON ACCUSATIONS OF PYRAMID FRAUD

On 18 April, NDTV and others reported that the Enforcement Directorate has accused Amway India of running a multi-level marketing “scam” where it focused on signing up new members so that senior staff could earn commission.  The affected properties of Amway India Enterprises Pvt Ltd include land and factory building at Dindigul district in Tamil Nadu, plant and machinery, vehicles, bank accounts and fixed deposits.  The Indian Government banned direct selling companies in December, restricting companies which are involved in direct selling like Tupperware, Amway and Oriflame from encouraging money circulation schemes.

https://www.ndtv.com/india-news/amway-indias-rs-750-crore-frozen-by-enforcement-directorate-2897579

https://www.dnaindia.com/business/report-enforcement-directorate-seizes-amway-india-s-assets-worth-rs-757-crore-2946975

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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