In its chargesheet, the ED alleged that Amway India generated proceeds of crime worth more than Rs 4,000 crore and a substantial part of it was siphoned off to overseas bank accounts
Published Date – 10:36 PM, Mon – 20 November 23
Hyderabad: The Enforcement Directorate (ED) on Monday filed a chargesheet against Amway India Enterprise Pvt Ltd, which runs multi-level marketing (MLM) scheme, before a special Prevention of Money Laundering Act (PMLA) court in Hyderabad.
In its chargesheet, the ED alleged that Amway India generated proceeds of crime worth more than Rs 4,000 crore and a substantial part of it was siphoned off to overseas bank accounts.
The court took cognisance of the prosecution’s complaint on Monday, ED in a statement said. The criminal case of money laundering registered by the ED stems from multiple FIRs filed by the Telangana Police against Amway and its directors.
The ED said that in its probe it found that Amway was promoting pyramid scheme “in the guise of” direct selling.
The Amway company, however, clarified it was in compliance with the law. We have been cooperating with the department, and have shared all the information as sought from time-to-time, an Amway spokesperson said.
