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Amway alleged to have laundered over $350 million, Indian watchdog says

( November 20, 2023, 06:00 GMT | Official Statement) -- MLex Summary: US-headquartered Amway has allegedly laundered funds in excess of 28.59 billion rupees ($357 million) collected from members and parked the amounts in bank accounts overseas in the guise of dividend, royalty and payments for other expenses, according to an ongoing investigation by the Indian financial enforcement watchdog. Amway has been accused by India’s Directorate of Enforcement of running a pyramid fraud where new members were duped into buying exorbitantly priced products to bolster commissions to existing members. The Hyderabad court took up the complaint filed by the ED under the 2002 Prevention of Money Laundering Act against Amway India Enterprise on Monday, according to a statement issued by the watchdog. Amway had previously informed its members that the alleged money laundering case relates to a 2011 investigation.Statement from the Directorate of Enforcement follows:...

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